MIRA
INFORM REPORT
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Report Date : |
13.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
HINDON FILTERS PRIVATE LIMITED |
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Registered Office : |
Clubley, Bajoria Road, Saharanpur-247001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.10.1983 |
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Com. Reg. No.: |
20-6303 |
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CIN No.: [Company
Identification No.] |
U21011UP1983PTC006303 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of manufacture, purchase, sale, export,
import of Napkin and Tissue paper and pulp. To carry on business as Merchants, commission agents, distributors,
Consultants and as dealers in Napkin and Tissue paper and pulp. To carry on the business of Manufacture, Buy, Sell, Import, Export of
any type of Straw Board and its products and by products. |
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 : |
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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
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Registered Office : |
Clubley, Bajoria Road, Saharanpur-247001, Uttar Pradesh, India |
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Tel. No.: |
91-132-2726701/ 2726775/ 7257/ 2715769 |
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Fax No.: |
91-132-727706/ 2715770 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Madan Gopal Agarwal |
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Designation : |
Managing Director |
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Address : |
Clubley, Bajoria Road, Saharanpur-247001, Uttar Pradesh, India |
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Date of Birth/Age : |
01.11.1951 |
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Date of Appointment : |
29.10.1983 |
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Name : |
Mr. Rajive Agarwal |
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Designation : |
Director |
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Address : |
Clubley, Bajoria Road, Saharanpur-247001, Uttar Pradesh, India |
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Date of Birth/Age : |
06.02.1958 |
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Date of Appointment : |
29.10.1983 |
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Name : |
Mrs. Seema Agarwal |
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Designation : |
Director |
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Address : |
Clubley, Bajoria Road, Saharanpur-247001, Uttar Pradesh, India |
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Date of Birth/Age : |
27.10.1958 |
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Date of Appointment : |
22.07.1986 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Madan Gopal Agarwal |
20028 |
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Mr. Rajive Agarwal |
2000 |
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Mrs. Seema Agarwal |
1972 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of manufacture, purchase, sale, export,
import of Napkin and Tissue paper and pulp. To carry on business as Merchants, commission agents, distributors,
Consultants and as dealers in Napkin and Tissue paper and pulp. To carry on the business of Manufacture, Buy, Sell, Import, Export of
any type of Straw Board and its products and by products. |
GENERAL
INFORMATION
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No. of Employees : |
About 100 |
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Customers : |
v Hindon Filters
Private Limited, Clubley, Bajoria Road, Saharanpur-247001, Uttar Pradesh,
India v Hindon Engineering
Works, Clubley, Bajoria Road, Saharanpur-247001, Uttar Pradesh, India |
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Banker : |
Bank of India, Saharanpur Branch, T.C. Jain Market, Bahagat Singh
Marg, Saharanpur |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K.G. Agarwal Chartered Accountants |
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Address : |
Behat Road, Saharanpur, Uttar Pradesh-247001, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 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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2.000 |
1.200 |
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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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79.092 |
71.053 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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81.092 |
72.253 |
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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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13.552 |
13.578 |
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TOTAL BORROWING |
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13.552 |
13.578 |
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DEFERRED TAX LIABILITIES |
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0.111 |
0.234 |
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TOTAL |
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94.755 |
86.065 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.111 |
15.260 |
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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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27.784 |
21.455 |
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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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23.481 |
30.094 |
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Sundry Debtors |
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8.333 |
11.355 |
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Cash & Bank Balances |
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6.207 |
7.566 |
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Other Current Assets |
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4.927 |
4.374 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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42.948 |
53.389 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.398 |
3.466 |
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Provisions |
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0.690 |
0.573 |
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Total
Current Liabilities |
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4.088 |
4.039 |
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Net Current Assets |
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38.860 |
49.350 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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94.755 |
86.065 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.22 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
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10.50 |
13.22 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
HINDON FILTERS PRIVATE LIMITED |
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Presented By |
BANK OF INDIA, SHARANPUR
BRANCH, SHARANPUR |
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1) Date and description of instrument creating the change |
Supplemental agreement of hypothecation of tangible movable property L500 dated 05.07.1999 and supplemental agreement of hypothecation of tangible movable assets dated 05.07.1999 and registered on 21.07.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000 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 tangible movable assets of the company including in particulars stock of all kinds of raw materials such as imported wood pulp, cotton linter pulp, chemical etc. and/or good in process and/or finished goods such as filters paper etc. wheresoever situate and/or in transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge by way of hypothecation of tangible movable assets mentioned in item No.3 as are ir may of any time be in possession or power of the company to secure a letter of accredited D.P. and D.A. Limit of Rs.10.000 millions and also interest at 1.25 % over Bank of India prime lending rate minimum 13.25% per annum plus interest tax with quarterly rests or of such other rates as may be notified to the company by the Bank form time to time, with power to the Bank to seize and realize. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Saharanpur Branch, T.C. Jain Market, Bhagat Singh marg, Saharanpur |
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6) Date and brief description of instrument modifying the charge |
Supplemental deed of hypothecation of stocks dated 15.04.2004 |
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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. |
The Bank has granted to the company an additional letter of credit limit of Rs.10.000 millions. Therefore the total amount of charge secured against hypothecation of stocks etc. as mentioned in column number 3 above and modified as above has now been enhanced upto other terms and conditions remained the same. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.17 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.67 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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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53 |
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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