MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SPECTRA INNOVATIONS INDIA PRIVATE LIMITED |
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Formerly Known As : |
SPECTRA MICROWAVE PRIVATE LIMITED |
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Registered Office : |
30/4, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.01.2000 |
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26251 |
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CIN No.: [Company
Identification No.] |
U30005KA2000PTC026251 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS04104C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Import, Distribution, Product Promotion of Computer Hardware / Software
and Related Products / Peripherals / Consumables and the Like |
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 : |
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.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow and delayed. The company can be considered normal for small business dealings
against safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
30/4, |
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Tel. No.: |
91-80-25588323 / 25581426 |
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Fax No.: |
91-80-25581427 |
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E-Mail : |
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Website : |
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Head office : |
S-822, Manipal Centre, |
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Tel. No.: |
91-80-25888323 / 25321917 / 25581426 |
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Mobile No.: |
91-9342028898 |
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Fax No.: |
91-80-25221427 |
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E-Mail : |
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Corporate
Office : |
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Regional
Offices : |
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Branch Offices : |
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DIRECTORS
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Name : |
Mr. M V S Rao |
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Designation : |
Director |
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Name : |
Mr. Prasad S Mammidana |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Category |
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Percentage of
Holding |
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Directors and their associates |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Import, Distribution, Product Promotion of Computer Hardware / Software
and Related Products / Peripherals / Consumables and the Like |
GENERAL INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
ICICI Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Prakash and Thiagarajan Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/-each |
Rs. 20.000 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
Million |
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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4.845 |
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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[4.994] |
[0.406] |
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NETWORTH |
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[0.049] |
[0.306] |
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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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0.314 |
0.209 |
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TOTAL BORROWING |
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0.314 |
0.209 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.265 |
[0.097] |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.040 |
0.030 |
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INVESTMENT |
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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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0.080 |
0.000 |
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Cash & Bank Balances |
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0.169 |
0.346 |
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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 |
0.270 |
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Total
Current Assets |
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0.249 |
0.616 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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0.024 |
0.836 |
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Total
Current Liabilities |
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0.024 |
0.836 |
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Net Current Assets |
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0.225 |
[0.220] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.093 |
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TOTAL |
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0.265 |
[0.097] |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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0.580 |
0.000 |
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Other Income |
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0.000 |
3.092 |
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Total Income |
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0.580 |
3.092 |
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Profit/(Loss) Before Tax |
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[4.588] |
[0.264] |
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Provision for Taxation |
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[4.182] |
[0.122] |
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Profit/(Loss) After Tax |
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[0.406] |
[0.142] |
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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[70.00] |
[4.59] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[791.03] |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[1588.54] |
[40.87] |
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Return on Investment (ROI) (PBT/Networth) |
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[93.63] |
[0.86] |
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Debt Equity Ratio (Total Liability/Networth) |
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6.90 |
3.42 |
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Current Ratio (Current Asset/Current Liability) |
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10.38 |
0.74 |
LOCAL AGENCY FURTHER INFORMATION
History
- On 21st of January, 2000 subject was incorporated as
SPECTRA INFORMATICS PRIVATE LIMITED to Absorb all business, assets and
liabilities of SPECTRA INNOVATIONS INC, originally established during 1989
as a Indian branch cum liaison office of a foreign company [SPECTRA
INNOVATIONS INC., San Jose, California.
- Name changed as SPECTRA INFOSYSTEMS PRIVATE LIMITED from 11th
July 2000
- Name again changed as SPECTRA MICROWAVE PRIVATE LIMITED from 17th
of July 2002
- Name once more changed to SPECTRA INNOVATIONS INDIA PRIVATE LIMITED
from 23rd of March 2007
Subject has business dealings with
- Space machine Corp,
- LSI
As per website
Spectra Innovations Inc is positioned to become a dominant
provider of Electronic Components, Design Services and Computer Storage
Sub-systems. They have adopted a set of guiding value principles to enable us
to make their mission and vision a reality.
Vision: To be the leading provider of technology products and design
services for Semiconductors, RF products and Computer Storage Sub-systems.
Background
Spectra Innovations is an established
Spectra was founded by a team of dynamic professionals with
extensive marketing, sales and manufacturing experience in the U.S, Indian and
Asian electronics industry. The company has been in business for over 12 years
and is proud to be associated with some of the best-known names in the
industry. Their impressive vendor list includes: IBM- Technology group,
Tandberg Data, Cypress Semiconductors, Mitsubishi, Atmel, Exar, Transwitch etc.
Spectra has
been profitable since its inception in 1989. They expect dynamic growth over
the next few years with ambitious product and market expansion plans. They are equipped
to absorb growth opportunities and constantly adapt to the rapidly changing
market environment.
They
provide a diverse portfolio of active semiconductor products from leading
global manufacturer's. Their product line includes components for all major
industrial segments. They also provide evaluation samples, local design kits,
technical support, programming and a host of other value-added services.
Their
global presence allows us to provide full turnkey solutions to help reduce
costs, minimize cycle time and simplify the logistics process. If you are
interested in optimizing cost of procurement and vendor head count you can
contact us to source any type of electronic products from
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Semiconductors |
Active, Passive and Electro-mechanical
components. |
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RF
Products |
Microwave components for
wireless, radio and high frequency applications. |
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Computer
Products |
Primary and Secondary storage,
Disk and Tape sub-system solutions. |
Their continued success and progress is fueled by the
excellent partnership they enjoy with several leading global technology
leaders. Together with their partners and affiliates, Spectra offers the most
comprehensive range of products and services.
They address communications, industrial, peripherals, consumer, R&D,
automotive and Mil-Aerospace market segments. They are proud to be associated
with some of the world's leading providers of technology products and services.
For the easy access they are pleased to provide specific vendor and/or their
detailed product information.
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.40.93 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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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 |
YES |
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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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