MIRA
INFORM REPORT
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Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
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Name : |
HARSH COMMODITIES
PRIVATE LIMITED |
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Registered Office : |
Office No. F-1,
Capt. S. Koccher, Plot No. 195, Sector 1A, Gandhidham, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.07.2005 |
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Com. Reg. No.: |
04-46474 |
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CIN No.: [Company
Identification No.] |
U51100GJ2005PTC046474 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTH00693A |
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PAN No.: [Permanent
Account No.] |
AABCH6038B |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Exporter,
importer and trader of ferrous scraps, yarns, all types of textiles, fibre,
chemicals and timbers |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
USD 30000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new
company and has no track records of performance and financial status, yet. It can be
considered for any business dealings on secured trade terms and conditions,
initially. |
LOCATIONS
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Registered Office : |
Office No. F-1, Capt.
S. Koccher, Plot No. 195, Sector 1A, Gandhidham, |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashwin B.
Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, |
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Date of Birth/Age : |
22.09.1975 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Rajendra B.
Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, |
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Date of Appointment : |
09.08.2005 |
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Name : |
Mr. Rajesh B.
Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 28/29, Ward
12/B, Gandhidham – 370201, |
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Date of Birth/Age : |
27.03.1974 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Babulal
Kajiram Goyal |
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Designation : |
Director |
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Address : |
Plot No. 28/29, Ward
12/B, Gandhidham – 370201, |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mrs. Pushpaben B
Goyal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, |
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Date of Birth/Age : |
02.08.1954 |
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Date of Appointment : |
21.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ashwin B.
Agarwal |
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6000 |
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Mr. Rajendra B.
Agarwal |
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1000 |
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Mr. Rajesh B.
Agarwal |
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1000 |
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Mr. Babulal
Kajiram Goyal |
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1000 |
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Mrs. Pushpaben B
Goyal |
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1000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter,
importer and trader of ferrous scraps, yarns, all types of textiles, fibre,
chemicals and timbers |
GENERAL INFORMATION
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Bankers : |
Corporation Bank DBZ – North 193, Talwar Building, Opposite Hotel Shiv Regency,
Gandhidham – 370201, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
I H Desai and Associates Chartered Accountants |
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Address : |
Office No. 13 and 14, |
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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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750000 |
Equity Shares |
Rs 10/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs 10/- each |
Rs. 7.500 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.500 |
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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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0.051 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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7.551 |
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LOAN FUNDS |
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1] Secured Loans |
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4.561 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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4.561 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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12.112 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
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11.298 |
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Cash & Bank Balances |
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0.040 |
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Loans & Advances |
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0.992 |
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Total
Current Assets |
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12.330 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.149 |
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Provisions |
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0.205 |
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Total
Current Liabilities |
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0.354 |
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Net Current Assets |
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11.976 |
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MISCELLANEOUS EXPENSES |
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0.136 |
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TOTAL |
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12.112 |
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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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0.65 |
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Current Ratio (Current Asset/Current Liability) |
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34.83 |
LOCAL AGENCY FURTHER INFORMATION
Business
To carry on in
India or elsewhere the business of export, import, promotion, trading, buying,
sale of ferrous scraps, yarns, all types of textiles, fibre, chemicals, timbers
and all the items as are mentioned n open general licence, metal, consumer
goods, consumer items, general products, industrial products, any goods,
merchandise, articles, commodities, materials, substances, compounds, buy
products, substitutes, instruments, machines, automobiles and any other items
of all kinds, sizes, types, nature and
description upon terms whatsoever and to act as agents, dealers,
suppliers, distributors, retailers, wholesalers, representatives, stockists,
consignors, consignees, merchants, merchant exporter, export house, star
trading house and to provide import, export related services.
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80016313 |
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Corporate
identity number of the company |
U51100GJ2005PTC046474 |
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Name of the
company |
HARSH COMMODITIES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Office No. F-1,
Capt. S. Koccher, Plot No. 195, Sector 1A, Gandhidham, |
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Type of charge |
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Particular of
charge holder |
Corporation Bank DBZ – North 193, Talwar Building, Opposite Hotel Shiv Regency,
Gandhidham – 370201, Gujarat, 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 |
04.10.2006 |
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Amount secured by
the charge |
Rs. 35.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit :
10.50 % p.a. Terms of repayment
Cash Credit
repayable on demand Margin Margin on L/C 20
% Margin on cash
Credit : 30 % on Stock, 40 % on Book Debts Extent operation
of the charge The charge shall
operate as first and exclusive charge in favor of Corporation Bank to secure
the principal amount together with interest, additional interest, all other
expenses payable by the company to the Corporation Bank Gandhidham.
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Short particulars
of the property charged |
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Particulars of
the present modification |
The amount
remains same i.e. 35.000 Millions but the nature of facility is changed form
import L/C to Import L/C limit cum letter of undertaking to avail buyer’s
credit. Hence the revised credit facility is cash credit Rs. 7.500 Millions
and Import L/C to Import L/C limit cum letter of undertaking to avail buyer’s
credit Rs. 27.500 Millions total Rs. 35.000 Millions |
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.39.79 |
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1 |
Rs.81.41 |
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Euro |
1 |
Rs.56.87 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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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 |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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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 |
NO |
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TOTAL |
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10 |
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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