MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
VISA POWERTECH PRIVATE LIMITED |
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Registered Office : |
C-465, MIDC, TTC Industrial Area, Pawne, Thane, New
Mumbai- 400705 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.05.2005 |
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Com. Reg. No.: |
153482 |
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CIN No.: [Company
Identification No.] |
U31909MH2005PTC153482 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV12541E |
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PAN No.: [Permanent
Account No.] |
AACCV0490L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Commissioning and Dealing in all types of electrical
and electronic equipments, products and accessories |
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 4000 |
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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 has improved it’s performance last year. Actual Profit and
Loss figure will follow, soon. Scale of operation is small. 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 / Head
Office : |
C-465,
MIDC, TTC Industrial Area, Pawne, Thane, New Mumbai- 400705, India |
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Tel. No.: |
91 - 22 27610539 , 27610578, 27610579 |
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Fax No.: |
91 - 22 27610540 |
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E-Mail : |
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Dealers and Distributors : |
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Tel. No.: |
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Regional Offices : |
Coimbatore Delhi Hyderabad Lucknow Pune Ludhiana Bangalore |
DIRECTORS
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Name : |
Mr. Satinder Baldevraj Aggarwal |
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Designation : |
Director |
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Address : |
A-20, Zarina Park, Raj Kapoor Chowk, Mankhurd, Mumbai - 400088 |
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Name : |
Ms. Bhavna S. Aggarwal |
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Designation : |
Director |
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Address : |
A-20, Zarina Park, Raj Kapoor Chowk, Mankhurd, Mumbai - 400088 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Satinder B. Aggarwal |
5,000 |
50.00% |
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Bhavna S. Aggarwal |
5,000 |
50.00% |
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TOTAL |
10,000 |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Commissioning and Dealing in all types of
electrical and electronic equipments, products and accessories |
GENERAL
INFORMATION
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No. of Employees : |
About 15 |
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Bankers : |
Oriental Bank of
Commerce Khushali, Plot No.
358, Central Avenue Road, Near Diamond Garden, Chembur, Mumbai – 400071,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Devarajan and Company Chartered Accountants |
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Address : |
408, Anurag Business Centre, Near Amar Cinema, Chembur, Mumbai - 400071 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
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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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.894 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.994 |
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LOAN FUNDS |
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1] Secured Loans |
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1.001 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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1.001 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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1.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.413 |
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Capital work-in-progress |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.750 |
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Sundry Debtors |
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5.182 |
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Cash & Bank Balances |
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5.315 |
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Other Current Assets |
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0.025 |
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Loans & Advances |
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1.753 |
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Total
Current Assets |
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15.025 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.850 |
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Provisions |
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0.602 |
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Total
Current Liabilities |
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13.452 |
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Net Current Assets |
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1.573 |
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MISCELLANEOUS EXPENSES |
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0.009 |
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TOTAL |
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1.995 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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5.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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14.54 |
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Current Ratio (Current Asset/Current Liability) |
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1.12 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from A 20 Zarina Parkraj Kapoor Chowk, Mankhurd, Mumbai – 400088 to the present address w.e.f. 04.02.2006
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U31909MH2005PTC153482 |
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Name of the
company |
VISA POWERTECH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-465, MIDC, TTC Industrial Area, Pawne, New
Mumbai- 400705. India |
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Type of charge |
Book Debts |
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Particular of charge
holder |
Oriental Bank of
Commerce Khushali, Plot
No. 358, Central Avenue Road, Near Diamond Garden, Chembur, Mumbai – 400071,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
04.07.2007 |
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Amount secured by
the charge |
Rs. 6.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At PLR + 2 % i.e.
15.25 % p.a. at present Margin Margin – 25 % on
Stock and 40 % on Book Debts Extent operation
of the charge Hypothecation of
Stock of Electrical and Electronic Accessories and book debts |
AS PER WEBSITE
Profile
Subject
a registered company incorporated under
Companies Act is involved in the business of Power Factor Improvement related services
and products. Their Services include study and design of Electrical systems and
PF improvement systems and products include PF related equipments like
Capacitors , Reactors , Controllers , Thyristor Switches and APFC (
Conventional and Thyristorised ) Panels .
They provide customized Power
Factor Solutions for all types of electrical loads , brings to you a wide range
of high quality power factor control equipments in the Low Voltage as well as High
Voltage range , strengthening their commitment to provide total and guaranteed
solutions to the challenging tasks of maintaining the highest levels of
efficiency in your power system.
Their dedicated team of
engineers have excelled in providing solutions to all types of power factor
control needs to a wide range of customers that include Steel , Cement ,
Furnace , Chemical , Paper , Petrochemical Industries among various others and
made VISAPOWER , a brand synonymous with high quality products , dedicated and
guaranteed solutions , reliable after sales and highest levels of customer
satisfaction.
They employ the latest
techniques and technologies along with innovative designs and detailed
application engineering to use the high quality power factor control equipments
and provide total solutions for all types of power factor control needs. Their
systems have performed reliably over extended periods of time in extremely
adverse and challenging electrical conditions fortifying their customers
confidence in their design , application and products.
They offer LV Power Factor
Capacitors and Components from ELECTRONICON Kondensatoren GmbH ,
Germany , a company established for over 65 years in the manufacture of high
quality products and equipments which are supplied and approved worldwide and
have proven their high manufacturing and quality standards. At VISAPOWER they
offer equipments complimenting the above range from Electronicon equipments
like Reactors , APFC Panels , Thyristorised APFC Panels etc .
Electronicon Kondensatoren GmbH is an
ISO : 9001 :2000 certified Company for development , production and sale of
Medium and Low Voltage PFC Capacitors and Accessories like Reactors , Relays
etc. It is also approved and marked with CSA approvals as per Canadian and US
standards. The general standards followed include IEC 60831( 2003) , VDE
0560-46/47 , CSA C22.2 No:190-M1985 , UL Standard No: 810 and GOST 1282:88
, all International standards of repute and acceptable worldwide.
At subject is in the process of implementing the ISO Quality
Management System for their design and manufacturing capabilities.
PAST EXPERIENCE
The team at subject has served prestigious clients from all sections of
Industries and Utilities and their clients in the past include various Cement
companies , Steel companies and Steel Plants , Chemical Industries , Fertiliser
Companies , Sugar and Paper Industries , Petrochemical Industries and other
various OEMs , Panel Manufacturers etc.
In an attempt to further broaden
their horizons and develop new , modern and technically superior systems and
equipments to meet the growing demand for maintenance of higher PF at
increasingly difficult load conditions and the need for a complete range of PF
related equipments , subject has entered into Marketing Collaboration with
Electronicon Kondensatoren GmbH , Germany with the focus on developing the most
modern and dependable systems that conform to International Standards and
Practices.
They offer a complete range of
PF related products and services ranging from LV capacitors in the Gas Filled ,
Resin Filled , Square Type with Inductors , All Polypropylene ( Film + Foil)
and Mixed Dielectric Type of Capacitors, HV Capacitors and Systems upto 132 KV
, PF Accessories like APFC Controllers , Thyristor Switches , Reactors etc and
Automatic Panels in the Contactor mode and Thyristor Switching .
With the above range of products
and its amalgamation with their past experience in all types of Electrical
loads and patterns , they have developed the niche capability to study the
systems , design and deliver the most dependable solutions and systems for
POWER FACTOR CORRECTION AND IMPROVEMENT.
They are committed to strive
forward with determination to develop and offer solutions to improve the
Quality and Efficiency of Power available and make all the solutions
environment friendly to make the world a still better place to live.
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.39.37 |
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UK Pound |
1 |
Rs.81.82 |
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Euro |
1 |
Rs.56.83 |
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 |
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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46 |
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. |
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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