MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PRANITA ENGINEERING SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
# 261 / 70, Gollarhatti, Near Sunvalley Country Club, Magadi Road, Vishwaneedam
Post, Bangalore – 560 091, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1998 |
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Com. Reg. No.: |
08-23872 |
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CIN No.: [Company
Identification No.] |
U34300KA1998PTC023872 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP01928D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Precision Engineering Components for Agro- Space and General Engineering. |
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 39000 |
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Status : |
Satisfactory |
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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. Trade relations are fair. 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 Office : |
# 261 / 70, Gollarhatti, Near Sunvalley Country Club, Magadi Road,
Vishwaneedam Post, Bangalore – 560 091, Karnataka, India |
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Tel. No.: |
91-80-23281033 |
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Fax No.: |
91-80-23286208 |
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E-Mail : |
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Website : |
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Area : |
12000 Sq. fts. |
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Location : |
Leased (land), office is owned by Directors |
DIRECTORS
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Name : |
Mr. A. Srinivas Rao |
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Designation : |
Director |
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Date of Birth/Age : |
39 years |
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Qualification : |
B.E., M.BA. |
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Experience : |
15 years |
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Name : |
Mr. Bhanuprakash |
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Designation : |
Director |
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Date of Birth/Age : |
40 years |
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Qualification : |
B.E. |
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Experience : |
15 years |
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Name : |
Mr. Chakrapani |
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Designation : |
Director |
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Date of Birth/Age : |
43 years |
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Qualification : |
B.E. |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Precision Engineering Components for Agro- Space and General Engineering. |
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Products : |
Aerospace Components, CNC Machined Components, Auto Components, Precision Components and Dies & Moulds. |
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Exports to: |
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Imports: |
Machineries – Raw Materials – |
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Terms : |
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Selling : |
Export direct upto 30 days Local Credit upto 30 days |
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Purchasing : |
Import L/C upto 90 days Local Credit upto 30 days |
GENERAL INFORMATION
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Customers : |
Ø
Hindustan
Aeronautics Limited, Ø
Hindustan
Aeronautics Limited, Ø
Hindustan
Aeronautics Limited, Ø
Hindustan
Aeronautics Limited, Ø
National Aerospace
Laboratories, |
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No. of Employees : |
25 |
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Bankers : |
Syndicate Bank Industrial Finance Branch, Manipal Centre, |
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Facilities: |
Overdraft, Term Loan and Bank Guarantee and FLCs. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. K. Raveendra and Company Chartered Accountants |
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Address : |
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Group Companies: |
Peenya Industrial Area, Phase –
II, Line of Business: Cad-cam activities die and moulded machining including delight. |
CAPITAL STRUCTURE
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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51030 |
Equity Shares |
Rs. 100.00
each |
Rs. 5.103
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.103 |
3.997 |
3.217 |
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2] Share Application Money |
4.101 |
1.106 |
0.000 |
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3] Reserves & Surplus |
0.762 |
0.000 |
0.650 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.966 |
5.103 |
3.867 |
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LOAN FUNDS |
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1] Secured Loans |
6.715 |
8.405 |
1.787 |
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2] Unsecured Loans |
0.952 |
0.613 |
0.571 |
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TOTAL BORROWING |
7.667 |
9.018 |
2.358 |
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DEFERRED TAX LIABILITIES |
0.437 |
0.369 |
0.000 |
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TOTAL |
18.070 |
14.490 |
6.225 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.886 |
9.485 |
3.297 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.347 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.754
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0.714 |
0.756 |
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Sundry Debtors |
4.414
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2.808 |
2.947 |
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Cash & Bank Balances |
1.309
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1.011 |
0.165 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.210
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1.083 |
0.930 |
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Total
Current Assets |
10.687
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5.616 |
4.798 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.514
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0.934 |
2.514 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
2.514
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0.934 |
2.514 |
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Net Current Assets |
8.173
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4.682 |
2.284 |
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MISCELLANEOUS EXPENSES |
0.011 |
0.324 |
0.297 |
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TOTAL |
18.070 |
14.490 |
6.225 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
NA |
7.634 |
6.147 |
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Profit/(Loss) Before Tax |
1.450 |
0.332 |
0.233 |
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Provision for Taxation |
0.000 |
0.028 |
0.020 |
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Profit/(Loss) After Tax |
1.450 |
0.304 |
0.213 |
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Total Expenditure |
NA |
7.302 |
5.913 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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3.98 |
3.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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4.35 |
3.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.05
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2.20 |
2.88 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.07 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.02
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1.95 |
1.26 |
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Current Ratio (Current Asset/Current Liability) |
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4.25
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6.01 |
1.91 |
Expected Sales (2007-08) : Rs. 30.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References
© AWEA
© Hindustan Aeronautics Limited
About Company:
This company is promoted by three technocrats who have about 12 years experience in CNC Machining, Programming and in Machine tool business. All the directors are qualified engineers.
Website
details attached
Profile
They
are a prominent manufacturer and supplier of aerospace components in
Background
Pranita Engineering Solutions is the
brainchild of 3 mechanical engineers. They have an emphatic eminence being
promoted by these engineers with the post graduation in management having 15
years of experience in the same field. Their production facility has world
class CNC Machining centers; hence, they make no compromise on quality for
consistent output of quantity. All their products come at an optimum cost with
prompt delivery schedules. Dedication towards aerospace industry and a strong
zeal to make a significant impression makes us concentrate on the dedicated
efforts with high accountability.
Facilities
- CNC VERTICAL
MACHINING CENTER FROM
- CNC VMC FROM
TAKUMI SEIKI WITH FANUC 18MC CNC OF 1000*550*550 MM TRAVERSES
- CNC VERTICAL
MACHINING CENTER FROM VICTOR WITH FANUC 18iMB CNC OF 2050*550*550 MM
TRAVERSES WITH MANUAL 5 AXES TILTING HEAD
- BFW KNIFE TYPE
HORIZONTAL MILLING MACHINE WITH VERTICAL MILLING HEAD
- KIRLOSKAR
GENERAL PURPOSE LATHE
- BATLIBOI BVR3
RADIAL DRILLING MACHINE
- A DIESEL
GENERATOR SET FOR UNINTERRUPTED POWER
- CAD/CAM
SOFTWARE WITH PROFESSIONAL CAD/CAM ENGINEERS
Capabilities
- AEROSPACE
COMPONENTS FOR HINDUSTAN AERONAUTICS LIMITED AND NATIONAL AEROSPACE
LABORATORIES
- TRANSMISSION
REAR COVERS FOR NEW HOLLAND TRACTORS LIMITED (A GROUP COMPANY OF CASE AND
NEW
- INJECTION
MOULDS AND ALUMINIUM PATTERNS.
- PRECISION
COMPONENTS INCLUDING THE VARIOUS FINISHING PROCESSES.
Capacities
CNC MILLING OF
AEROSPACE COMPONENTS WITH 3D CONTOURS UPTO A LENGTH OF 4000MM WITH A WIDTH OF
500MM OR UPTO 2000MM IN LENGTH WITH A WIDTH OF 1000MM.
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Company Profile |
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Ø
Dies,Jigs,Fixtures
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Aero Engines & Aircraft Components
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CNC Machined
Components
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Dies & Moulds
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CNC Machines
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. 40.58 |
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1 |
Rs. 81.89 |
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Euro |
1 |
Rs. 55.29 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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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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
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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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