MIRA
INFORM REPORT
|
Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TAKSHI
AUTO COMPONENTS PRIVATE LIMITED |
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Registered Office : |
36,
Amar Cooperative Housing Society, Behind SNDT, Erandwana, Pune-411004,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
25.03.2003 |
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Com. Reg. No.: |
25-17771 |
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CIN No.: [Company
Identification No.] |
U34300PN2003PTC0177771 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET05623C |
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PAN No.: [Permanent
Account No.] |
AABCT7886R |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on in India or elsewhere the business of manufacturing, buying,
selling, reselling, importing, exporting, designing, improving, assembling,
servicing, repairing, stocking, supplying, leasing, hiring, letting,
distributing, subcontracting, altering, converting, finishing, installing,
reconditioning, developing, modifying, processing, cleaning, renovating and
to act as stockiest, franchisers, agents, brokers, lessors, warehousers,
wholesalers, retailers, job workers or to deal in parts and spare parts,
systems, assemblies, accessories, tools, implements, motors, power units,
transmission and propulsion systems, chassis, bodies, substances, equipments,
dies, jigs, structures, mould, gauges, beams and goods, articles and things
required to motor cars, trawler, trucks, tankers, buses, cycle, cars, race
cars, ambulances, tempos, tractors, motor lorries, motorcycles, omnibuses,
vans jeeps, scooters, locomotives, tanks, mopeds, three wheelers used for
transporting passengers, goods or animals whether propelled or used by power
generated by diesel, petrol, oil, gas, petroleum, sprit, steam, vapour,
electricity, battery, solar energy, atomic energy, wind energy and hydro
energy. |
RATING & COMMENTS
|
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
10000 |
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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 : |
36,
Amar Cooperative Housing Society, Behind SNDT, Erandwana, Pune-411004,
Maharashtra, India |
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|
|
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Factory : |
Survey
No.292, Nanekarwadi, Chakan, Pune-411004, Maharashtra, India |
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Tel. No.: |
91-2135-326108/
326109 |
DIRECTORS
|
Name : |
Mr.
Amol Nitin Patel |
|
Designation : |
Director |
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Address : |
36,
Amar Cooperative Housing Society, Behind SNDT, Erandwana, Pune-411004,
Maharashtra, India |
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Date of Appointment : |
25.03..2003 |
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Name : |
Mrs.
Smita Amol Patel |
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Designation : |
Director |
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Address : |
36,
Amar Cooperative Housing Society, Behind SNDT, Erandwana, Pune-411004,
Maharashtra, India |
|
Date of Appointment : |
25.03.2003 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on in India or elsewhere the business of manufacturing, buying,
selling, reselling, importing, exporting, designing, improving, assembling,
servicing, repairing, stocking, supplying, leasing, hiring, letting,
distributing, subcontracting, altering, converting, finishing, installing,
reconditioning, developing, modifying, processing, cleaning, renovating and
to act as stockiest, franchisers, agents, brokers, lessors, warehousers,
wholesalers, retailers, job workers or to deal in parts and spare parts,
systems, assemblies, accessories, tools, implements, motors, power units,
transmission and propulsion systems, chassis, bodies, substances, equipments,
dies, jigs, structures, mould, gauges, beams and goods, articles and things
required to motor cars, trawler, trucks, tankers, buses, cycle, cars, race
cars, ambulances, tempos, tractors, motor lorries, motorcycles, omnibuses,
vans jeeps, scooters, locomotives, tanks, mopeds, three wheelers used for
transporting passengers, goods or animals whether propelled or used by power
generated by diesel, petrol, oil, gas, petroleum, sprit, steam, vapour,
electricity, battery, solar energy, atomic energy, wind energy and hydro
energy. |
GENERAL INFORMATION
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Bankers : |
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Banking Relations : |
Satisfactory |
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Auditors : |
B. S.
Bapat Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
17000 |
Equity
Shares |
Rs.10/- each |
Rs.0.170 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.170 |
0.120 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.141 |
0.641 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2.311 |
0.761 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.498 |
1.003 |
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2] Unsecured Loans |
|
1.330 |
0.900 |
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TOTAL BORROWING |
|
3.828 |
1.903 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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6.139 |
2.664 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
6.731 |
2.852 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.091 |
0.048 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Stock in Trade |
|
3.851 |
3.686 |
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Sundry Debtors |
|
2.848 |
2.326 |
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Cash & Bank Balances |
|
0.669 |
0.062 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1.585 |
1.073 |
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Total Current Assets |
|
8.953 |
7.147 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
9.652 |
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Provisions |
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Total Current Liabilities |
|
9.652 |
7.401 |
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Net Current Assets |
|
(0.699) |
(0.254) |
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MISCELLANEOUS EXPENSES |
|
0.016 |
0.018 |
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TOTAL |
|
6.139 |
2.664 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
69.385 |
55.267 |
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Profit/(Loss)
Before Tax |
|
1.950 |
0.841 |
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Provision
for Taxation |
|
0.450 |
0.200 |
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Profit/(Loss)
After Tax |
|
1.500 |
0.641 |
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Total
Expenditure |
|
67.435 |
54.426 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
2.16 |
1.16 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
2.81 |
1.52 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
12.43 |
8.41 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.84 |
1.10 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
5.83 |
12.23 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
0.93 |
0.96 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
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Name of the company |
TAKSHI
AUTO COMPONENTS PRIVATE LIMITED |
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Presented By |
HDFC Bank Limited And Takshi Auto Components Private
Limited |
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1) Date and description of instrument creating the change |
Dated : 05.01.2005 Letter of Hypothecation of Stocks and Book Debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All goods both present and future consisting of stocks, shares, bonds, debentures and any other securities whatsoever, being movable properties now and at any time hereafter belonging to Company or at Company’s disposal and now or at any time and from time to time hereafter stored or to be stored or brought into or upon or in course of transit to company’s premises or at any other places whatsoever and wheresoever in Company’s possession or occupation or any other premises or places. All the Book Debts, Outstanding monies receivable, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security becomes due and owing to the Company in the course of its business by any person, firm, company or body corporate or by the Government Department or office or any Municipal or Local or Public or Semi Government Body or authority or any body corporate or undertaking or project whatever in the Public Sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The hypothecated goods and book debts stated above shall be the continuing security fir the due repayment by the Borrower to the Bank at any time on demand. The Company shall at all times during the continuance of this security maintain the said debts and goods of a sufficient amount (as estimated by the Bank) so as to provide the margin of security as may from time to time be advised by the Bank to the Company. This security shall be and remain as a continuing security for la Company’s indebtedness and liabilities either alone or jointly with any other person/s on any account whatsoever and for the ultimate balance due on the Bank and will not be affected by any fluctuations in the said account or by the account being brought to credit at any time. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited Sandoz House Branch, Sandpz House, Dr. Annie Besant Road, Worli, Mumbai-400018 |
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6) Date and brief description of instrument modifying the charge |
N.A |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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Name of the company |
TAKSHI
AUTO COMPONENTS PRIVATE LIMITED |
|
Presented By |
Mr. Amol
Nitin Patel |
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1) Date and description of instrument creating the change |
Deed for Hypothecation of Plant and Machinery dated 02.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.750 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
CNC Vertical Machine Model MCV-400 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per deed dated 02.03.2005 |
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5) Name and Address and description of the person entitled to the charge. |
The Vishweshwar Sahakari Bank Limited, Pune, Erondawana Branch |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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Corporation identity number or foreign company registrations number of the company |
U34300PN2003PTC017771 |
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Name of the company |
TAKSHI AUTO COMPONENTS PRIVATE LIMITED |
|
Address |
36,
Amar Cooperative Housing Society, Behind SNDT, Erandwana, Pune-411004,
Maharashtra, India |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Hypothecation |
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Particular of the charge holder |
The Vishweshwar Sahakari Bank Limited Erondawana Branch Pune-411004, Maharashtra, India |
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Nature or description of the instrument creating charge |
Hypothecation Deed |
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Date of the instrument creating charge |
25.03.2006 |
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Amount Secure by the charge |
Rs.3.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 12%, Repayment Term 5 years Margin 25% |
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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 |
CNC Lathe Machine and CNC Verticle as per attachment. |
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.44.42 |
|
UK
Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.57.80 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|