MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
JOIA DE GOA |
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Formerly Known As : |
AISHWARYA RESORTS PRIVATE LIMITED |
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Registered Office : |
S. No. 2,
PANELIM ILHAS, Off St. Pedro, Old Goa, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.06.1995 |
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Com. Reg. No.: |
24-1869 |
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CIN No.: [Company
Identification No.] |
U55101GA1995PTC001869 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN02301F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Hotel Industry [Running a Resort] |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 50000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Profit margin is under severe pressure. It has some accumulated looses.
Payments are reported as slow and delayed. The company can be considered for small business dealings with slight
caution initially. |
LOCATIONS
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Registered Office : |
S. No. 2,
PANELIM ILHAS, Off St. Pedro, Old Goa, |
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Tel. No.: |
91-832 - 2444111 / 5641780 |
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Fax No.: |
91-832 -2444722 / 5644510 |
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E-Mail : |
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Corporate Office : |
'NIRMITEE HOUSE' |
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Tel. No.: |
91-20- 25434461/ 65002932 |
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Fax No.: |
91-20- 25432200 / 25462200 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prakash Sitaram Morey |
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Designation : |
Director |
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Address : |
'NIRMITEE HOUSE' |
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Date of Birth/Age : |
22.08.1953 |
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Date of Appointment : |
16.06.1995 |
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Name : |
Mr. Vikas Sitaram Morey |
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Designation : |
Director |
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Address : |
Rachana Heritage, Behind IT Office, Erandawana, Pune-411
004, |
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Date of Birth/Age : |
09.09.1963 |
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Date of Appointment : |
01.11.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Prakash Sitaram Morey |
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1718200 |
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Vikas Sitaram Morey |
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110000 |
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Sadhana Prakash Morey |
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6800 |
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G. V. S. L. Kabtha Rao |
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687500 |
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Mangala Bal Pule |
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477500 |
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Total |
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3000000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Hotel Industry [Running a Resort] |
GENERAL INFORMATION
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Bankers : |
Oriental Bank of
Commerce. |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Yeravdekar and Ranade Chartered Accountants |
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Address : |
1018, Shukrawar Peth, Swargate Corner, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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30.000 |
30.000 |
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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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[16.869] |
[16.678] |
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NETWORTH |
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13.131 |
13.322 |
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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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0.484 |
0.572 |
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TOTAL BORROWING |
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0.484 |
0.572 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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13.615 |
13.894 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.047 |
13.942 |
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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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0.010 |
0.000 |
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Sundry Debtors |
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0.083 |
0.066 |
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Cash & Bank Balances |
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0.477 |
0.122 |
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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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0.698 |
0.584 |
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Total
Current Assets |
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1.268 |
0.772 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.840 |
0.982 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.840 |
0.982 |
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Net Current Assets |
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0.428 |
[0.210] |
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MISCELLANEOUS EXPENSES |
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0.140 |
0.162 |
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TOTAL |
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13.615 |
13.894 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [Estimated] |
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30.000 |
30.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.10 |
0.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
Joia de Goa is situated on a coastal bluff in
the picturesque arts community of
Joia de Goa -
Riverside Resort is the
epitome of luxury and hospitality. Exquisite interiors, impeccable service, fine
cuisine come together to create an experience that is both grand and intimate.
Bankers Charges
Report as per Registry
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Name of the company |
AISHWARYA
RESORTS PRIVATE LIMITED |
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Presented By |
ASHOK SALVI,
DIRECTOR |
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1) Date and description of instrument creating the change |
Agreement for
Hypothecation of Goods dated 24.07.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500 Million
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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 |
Loan is secured
by way of hypothecation of stock of provisions., Grocery, fruits, vegetables,
oils, consumables, beverages / liquor linen, cutlet, furnishings, mattresses,
toileteries, maintenance materials etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit
hypothecation loan facility is repayable on demand. Interest at the rate of
3.48 % p.a. over the Prime Lending Rate with a minimum of 16.84 % p.a. shall
be calculated on daily balances and charged on quarterly rests. The borrower
shall pay Penal interest at 2 % p.a. and shall maintain a margin @ 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce. |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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 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.40.75 |
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1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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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 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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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27 |
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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