MIRA
INFORM REPORT
|
Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KOHLER INDIA CORPORATION PRIVATE LIMITED |
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Registered Office : |
138/6, First
Floor, 6th Cross, 10th Main, RMV Extension, Sadashiv
Nagar, Bangalore – 560080, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.09.1999 |
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Com. Reg. No.: |
025725 |
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CIN No.: [Company
Identification No.] |
U31101KA1999PTC025725 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKK02755E |
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PAN No.: [Permanent
Account No.] |
AABCK2145E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of Kitchen and Bath Products, Engines and Power
Generation Systems etc. |
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 : |
USD 15000 |
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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 a subsidiary of Kohler, USA, but passing through difficult
times at present. General financial position is weak having good amount of
accumulated losses. Payments are reported
as slow and delayed. The company can be considered for any business dealings on safe and
secured terms, only. |
LOCATIONS
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Registered Office : |
138/6, First
Floor, 6th Cross, 10th Main, RMV Extension, Sadashiv Nagar,
Bangalore – 560080, Karnataka, India |
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Tel. No.: |
91-80-23616208 / 23614555 |
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Fax No.: |
91-80-23615972 |
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E-Mail : |
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Factory: |
Plot No. 828, Jhagadla Industrial Estate, GIDC Jha, Bharuch 393110,
Gujarat, India |
DIRECTORS
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Name : |
Mr. Teng Chee Min |
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Designation : |
Director |
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Address : |
14-04, 36, Dover Rise, Singapore 1388685 |
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Date of Birth/Age : |
27.02.1968 |
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Date of Appointment : |
17.07.2006 |
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Name : |
Mr. Lee Patrick |
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Designation : |
Director |
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Address : |
97, Cashew Road, 9-06, Cashew Heights, Singapore 679668 |
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Date of Birth/Age : |
09.11.1954 |
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Date of Appointment : |
30.01.2000 |
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Name : |
Mr. Sanjay Bondre |
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Designation : |
Director |
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Address : |
C – 503, Spartan Heights, 16/17, Richmond Road, Bangalore 560025,
Karnataka, India |
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Date of Birth/Age : |
25.08.1955 |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr. Richard Fotsch |
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Designation : |
Director |
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Address : |
1245, Orchard Lane, ELM Grove, Wisconsin USA 53122 |
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Date of Birth/Age : |
06.05.1955 |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr. Chua Lian Koy |
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Designation : |
Director |
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Address : |
Singapore 138685 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 24.08.2006
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Names of Shareholders |
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No. of Shares |
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Kohler Co – USA |
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304641 |
|
Suresh Kumar |
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1 |
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Total |
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304642 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Kitchen and Bath Products, Engines and Power
Generation Systems etc. |
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Imports : |
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Countries : |
Singapore
(Gensets) |
GENERAL
INFORMATION
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Suppliers : |
Kohler Company,
Singapore |
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Customers : |
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Bankers : |
Not Available |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
M/s. Iyer and Company
Chartered
Accountant |
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Address : |
14, Sevakshetra Building, 1 Main Road, Gandhi Nagar, Bangalore 560009,
Karnataka, India |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
3rd Floor, MCT House, One Okhla Centre, Block A, Kohla
Institutional Area, New Delhi 110025, India |
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Tel. No.: |
91-11-66622000 |
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Fax No.: |
91-11-66622012 |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
131000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1310.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
304642 |
Equity Shares |
Rs. 10/- Each |
Rs. 3.046
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.046 |
3.046 |
3.046 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
17.841 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.046 |
3.046 |
20.887 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
480.000 |
0.326 |
0.000 |
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TOTAL BORROWING |
480.000 |
0.326 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.025 |
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TOTAL |
483.046 |
3.372 |
20.912 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.878 |
1.864 |
0.646 |
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Capital work-in-progress |
262.049 |
3.422 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
5.447 |
0.143 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
217.457
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51.702 |
8.092 |
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Sundry Debtors |
3.695
|
2.584 |
4.211 |
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Cash & Bank Balances |
26.247
|
2.034 |
11.054 |
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Other Current Assets |
0.085
|
0.191 |
0.000 |
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Loans & Advances |
18.918
|
4.689 |
3.086 |
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Total
Current Assets |
266.402
|
61.200 |
26.443 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
164.315
|
69.312 |
4.012 |
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Provisions |
2.833
|
0.022 |
2.165 |
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Total
Current Liabilities |
167.148
|
69.334 |
6.177 |
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Net Current Assets |
99.254
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[8.134] |
20.266 |
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MISCELLANEOUS EXPENSES |
0.0000 |
1.700 |
0.000 |
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Profit and Loss Account |
106.418 |
4.377 |
0.000 |
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TOTAL |
483.046 |
3.372 |
20.912 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
241.061 |
53.123 |
46.198 |
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Other Income |
4.716 |
0.000 |
0.000 |
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Total Income |
245.777 |
53.123 |
46.198 |
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Net Profit/[loss] for the year |
[104.938] |
[21.525] |
4.987 |
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Earnings in Foreign Currency : |
3.600 |
0.274 |
NA |
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Total Imports |
211.185 |
36.049 |
NA |
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Expenditures : |
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Depreciation & Amortization |
2.983 |
0.397 |
0.247 |
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Other Expenditure |
347.732 |
74.251 |
40.964 |
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Total Expenditure |
350.715 |
74.648 |
41.211 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[42.69]
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[40.51] |
10.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
[43.53]
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[40.52] |
10.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[37.98]
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[34.13] |
18.40 |
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Return on Investment (ROI) (PBT/Networth) |
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[34.45]
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[7.06] |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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212.45
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22.87 |
0.29 |
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Current Ratio (Current Asset/Current Liability) |
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1.59
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0.88 |
4.28 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
The company is engaged in the business of Manufacture and Trading of
generators and sanitary ware. These
products are distinguishable and are not subject to the same risks and returns. As the company also exports its products and
services, the secondary segment for the company is based on the location of its
customers.
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 50.09 |
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UK Pound |
1 |
Rs. 76.68 |
|
Euro |
1 |
Rs. 63.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
1 |
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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 |
2 |
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--LEVERAGE |
1~10 |
2 |
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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 |
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 |
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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17 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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