MIRA
INFORM REPORT
|
Report Date : |
15.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
B G
SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
72-76,
Industrial Estate, Mundwa, Pune – 411036, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.03.1994 |
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Com. Reg. No.: |
11-77340 |
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CIN No.: [Company
Identification No.] |
U45201PN1994PTC077340 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02744A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacture and sale of Prefabricated
Cement Blocks and Sheets. Suppliers
of Innovative Building Equipment like Electronic Tower Cranes, Hoisting
Equipment etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
2000000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company
can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
72-76,
Industrial Estate, Mundwa, Pune – 411036, Maharashtra, India |
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Tel. No.: |
91-20-26870151 |
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Fax No.: |
91-20-26871612 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Baburao Govindrao Shirke |
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Designation : |
Chairman
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Address : |
1205,
Apte Road, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
01.08.1918 |
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Date of Appointment : |
25.03.1994 |
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Election Commission Identity Card : |
MT/0042/0247/774175 |
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Name : |
Mr.
Vijay Baburao Shirke |
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Designation : |
Managing
Director |
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Address : |
1205,
Apte Road, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
04.11.1949 |
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Date of Appointment : |
25.03.1994 |
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Name : |
Mr.
Ajay Baburao Shirke |
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Designation : |
Director
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Address : |
1205,
Apte Road, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
26.04.1958 |
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Date of Appointment : |
25.03.1994 |
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Election Commission Identity Card : |
MT/0042/0247/774337 |
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Name : |
Mr.
Pratap Baburao Shirke |
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Designation : |
Director
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Address : |
1205,
Apte Road, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
20.03.1948 |
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Date of Appointment : |
25.03.1994 |
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|
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Name : |
Mr.
Suresh Ramchandra Ghorpade |
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Designation : |
Director
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Address : |
Plot
No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat Road, Pune –
411016, Maharashtra, India |
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Date of Birth/Age : |
29.09.1934 |
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Date of Appointment : |
14.10.2003 |
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Name
: |
Mr.
Uday Suresh Ghorpade |
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Designation
: |
Director
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Address
: |
Plot
No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat Road, Pune –
411016, Maharashtra, India |
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Date
of Birth/Age : |
26.08.1962 |
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Date
of Appointment : |
14.10.2003 |
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Name
: |
Mr.
Mohan Gopalrao Desai |
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Designation
: |
Director
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Address
: |
1201,
A /2A, Ghole Road, Pune – 411016, Maharashtra, India |
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Date
of Birth/Age : |
09.10.1946 |
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Date
of Appointment : |
14.10.2003 |
KEY EXECUTIVES
|
Name
: |
Ms.
Meghana Ramesh Patwardhan |
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Designation
: |
Secretary
|
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Address
: |
B-7-3,
Gururaj Society, PAdmavati, Satara Road, Pune – 411037, Maharashtra, India |
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Date
of Birth/Age : |
18.06.1980 |
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Date
of Appointment : |
15.12.2005 |
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Tel.
No. : |
91-20-24373419 |
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Name
: |
Mr. G.
R. Bhartikar |
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Designation
: |
Group
Chief Executive |
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Address
: |
72-76
Mundhwa, Pune – 411036, Maharashtra, India |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Baburao Govindrao Shirke |
|
1547520 |
|
B. G.
Shirke [HUF] |
|
3219120 |
|
Mr.
Pratap Baburao Shirke |
|
4053320 |
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Mr.
Vijay Baburao Shirke |
|
1603000 |
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V. B.
Shirke [HUF] |
|
2000000 |
|
Mr.
Ajay Baburao Shirke |
|
1603920 |
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Ms.
Anavi Ajay Shirke |
|
2300000 |
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Ms.
Avanti Vijay Shirke |
|
400 |
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Mr.
Suresh Ramchandra Ghorpade |
|
400 |
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Mr.
Uday Suresh Ghorpade |
|
400 |
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Ms.
Gayatri Vijay Shirke |
|
500000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of Prefabricated Cement
Blocks and Sheets. Suppliers of
Innovative Building Equipment like Electronic Tower Cranes, Hoisting
Equipment etc. |
GENERAL
INFORMATION
|
Bankers : |
Bank of Maharashtra Centurion Bank of Punjab Limited Durga Niwas M G Road, Panaji – 403001, Goa, India E-mail : sunil_adhiya@vsnl.net |
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Banking Relations : |
Satisfactory
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Auditors : |
Joshi
& Kulkarni Chartered
Accountants, S. No.
124/6A, Dr. Srikar Rao Path, Girija Vishwanath Apartments, Erandwane, Pune –
411004, Maharashtra, India PAN
No. : AAAFJ9692D |
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Associates : |
v B. G. Shirke & Company 72-76, Mundhwa, Pune - 411036, Maharashtra, India Manufacturing of Prefabrication of Cement Sheets & Cement Blocks Employees - 602 persons v Shirke Construction Equipments Private Limited- Established in 1970 72-76, Mundhwa, Pune - 411036, Maharashtra, India Bank of Maharashtra Capital - Rs. 1.500 millions Sales - Rs. 85.877 millions Employees - 278 persons v Shirke Structural Private Limited - Established in 1972 72-76, Mundhwa, Pune - 411036, Maharashtra, INDIA Manufacturing Concrete Block Making Machines, Concrete Weigh Batching & Mixing Plant, Pressed Steel Door/window Frame Bank of Maharashtra Capital - Rs. 5.000 millions Sales - Rs. 59.817 millions Employees - 276 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 180.000 millions |
|
200000 |
Preference
Shares |
Rs. 10/- each |
Rs. 20.000 millions |
|
|
TOTAL |
|
Rs. 200.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
16828100 |
Equity
Shares |
Rs. 10/- each |
Rs. 168.281 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
168.281 |
168.281 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
350.639 |
275.743 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
518.920 |
444.024 |
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LOAN FUNDS |
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1] Secured Loans |
|
1075.366 |
710.109 |
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2] Unsecured Loans |
|
897.366 |
663.999 |
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TOTAL BORROWING |
|
1972.732 |
1374.108 |
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DEFERRED TAX LIABILITIES |
|
109.827 |
120.779 |
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TOTAL |
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2601.479 |
1938.911 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
857.238 |
620.940 |
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Capital work-in-progress |
|
4.528 |
2.176 |
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INVESTMENT |
|
78.331 |
42.201 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
1692.826 |
1210.062 |
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Sundry Debtors |
|
330.213 |
276.559 |
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Cash & Bank Balances |
|
159.095 |
331.889 |
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Other Current Assets |
|
0.734 |
1.034 |
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Loans & Advances |
|
490.217 |
379.024 |
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Total Current Assets |
|
2673.085 |
2198.568 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
912.879 |
868.557 |
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Provisions |
|
98.824 |
56.417 |
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Total Current Liabilities |
|
1011.703 |
924.974 |
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Net Current Assets |
|
1661.382 |
1273.594 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
2601.479 |
1938.911 |
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KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
5.75 |
5.17 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.64 |
2.37 |
LOCAL AGENCY
FURTHER INFORMATION
The
company has collaborations with the following :
Minato S.A., France
Elba Work, Germany
Polynorm N.V., Netherlands
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U45201PN1994PTC077340 |
|
Name of the company |
B G
SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED |
|
Address |
72-76,
Industrial Estate, Mundwa, Pune – 411036, Maharashtra |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Centurion Bank of Punjab Limited Durga Niwas M G Road, Panaji – 403001, Goa, India E-mail : sunil_adhiya@vsnl.net |
|
Nature or description of the instrument creating charge |
Loan-cum-hypothecation agreement |
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Date of the instrument creating charge |
24.07.2006 |
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Amount Secure by the charge |
Rs. 1.434 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
First charge on travelling chassis. EMI Amount : Rs. 0.035 per month No. of EMI : 48 Rate of Interest : 9% Margin : Rs. 0.254 million |
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Description of the property charge whether it is a charge on |
Plant and machinery |
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Particulars of the Property charged |
Shirke make travelling chassis The property is situated in India |
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.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
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 |
|
--PROFITABILIRY |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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 |
|