MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOVEREIGN IMPEX PRIVATE
LIMITED |
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Registered Office : |
C-15 Second Floor, Community Centre,
Safdarjung Development Area, New Delhi 110 016 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.03.1993 |
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Com. Reg. No.: |
55-52848 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC052848 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, Exporters and Traders of Wine, Teak Wood, Food Stuff, Sea Food, Shawls |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is moderate. Payments are slow but correct. The
company is not faring well and continue to incur losses. The company can be
considered for small to mediocre business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
C-15 Second Floor, Community Centre,
Safdarjung Development Area, New Delhi 110 016, India |
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Tel. No.: |
91-11-4165 7018, 4165 7017 |
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Mobile No.: |
91-98119 96875 |
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Fax No.: |
91-11-4165 7019 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
DIRECTORS
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Name : |
Mr. Naresh V Uttamchandani |
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Designation : |
Director |
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Address : |
S-62, Panchsheel Park, Second Floor, New Delhi 110 017 |
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Date of Birth/Age : |
04.02.1967 |
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Date of Appointment : |
30.03.1993 |
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Name : |
Mr. Jeetendra V Uttamchandani |
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Designation : |
Director |
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Address : |
103, North Gate, Prince Albert Road, London MW 87 EJ, UK |
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Date of Birth/Age : |
20.12.1971 |
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Date of Appointment : |
30.03.1993 |
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Name : |
Ms. Jaishree Uttamchandani |
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Designation : |
Director |
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Address : |
S-62, Panchsheel Park, Second Floor, New Delhi 110 017 |
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Date of Birth/Age : |
08.01.1970 |
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Date of Appointment : |
06.11.1993 |
KEY EXECUTIVES
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Name : |
Renu Dua & Associates |
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Designation : |
Company Secretary |
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Address : |
45 Community Centre, East of Kailash, New Delhi 110 065 |
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Tel. No.: |
91-11-2641 9479, 2642 3328 |
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Fax No.: |
91-11-2641 4308 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of
Shareholders |
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No. of Shares |
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Mr Naresh V Uttamchandani |
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18280 |
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Mr Jeetendra V Uttamchandani |
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990 |
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Ms Padma V Uttamchandani |
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10 |
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Ms Jaishree Uttamchandani |
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100 |
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Mr Rajan T Mahatani |
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18,620 |
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Total |
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38,000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Foreign Holdings |
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49.00 |
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Directors or relatives of the Directors |
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51.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers, Exporters and Traders of Wine, Teak Wood, Food Stuff, Sea Food, Shawls |
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Products : |
Valdivieso of Chile Ø Limited Edition Red Ø Single Vineyards Red Ø Reservas White Ø Reservas Red Ø Barrel Selection Red Ø Varietals Rose Blush Ø Varietals White Ø Varietals Red Errazuriz Ovalle Vineyards Ø Wine white Ø Wine red Santa Ema Ø Wine white Ø Wine red Azienda Agricola Moletto Ø Wine white Ø
Wine red |
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Exports to : |
Domestic Market |
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Imports from : |
Italy and UK |
GENERAL
INFORMATION
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Bankers : |
HSBC Bank, Connaught Place, New Delhi 110
001 |
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Banking Relations
: |
--- |
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Auditors : |
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Name : |
Vinod Dua And Associates Chartered Accountants |
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Address : |
242-43, Tribhuvan Complex, Iswar Nagar, Friends Colony [West], New
Delhi 110065, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38000 |
Equity Shares |
Rs. 100/-
each |
Rs. 3.800
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 |
3.800 |
3.800 |
3.800 |
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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 |
0.000 |
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4] (Accumulated Losses) |
[29.784] |
[27.650] |
(25.835) |
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NETWORTH |
[25.984] |
[23.850] |
(22.035) |
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LOAN FUNDS |
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1] Secured Loans |
4.060 |
3.728 |
0.000 |
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2] Unsecured Loans |
36.701 |
27.259 |
27.069 |
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TOTAL BORROWING |
40.761 |
30.987 |
27.069 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.777 |
7.137 |
5.034 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.736 |
0.749 |
0.873 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.719 |
4.907 |
0.000 |
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Sundry Debtors |
3.384 |
2.870 |
0.000 |
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Cash & Bank Balances |
0.101 |
0.099 |
0.000 |
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Other Current Assets |
0.001 |
0.000 |
4.801 |
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Loans & Advances |
9.765 |
1.223 |
1.066 |
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Total
Current Assets |
17.970
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9.099 |
5.867 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.132 |
3.056 |
2.211 |
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Provisions |
0.049 |
0.033 |
0.000 |
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Total
Current Liabilities |
4.181
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3.089 |
2.211 |
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Net Current Assets |
13.789 |
6.010 |
3.656 |
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MISCELLANEOUS EXPENSES |
0.252 |
0.378 |
0.505 |
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TOTAL |
14.777 |
7.137 |
5.034 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover [including other income] |
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2.926 |
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Profit/(Loss)
Before Tax |
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(1.357) |
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Provision for
Taxation |
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0.000 |
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Profit/(Loss)
After Tax |
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(1.357) |
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Total Expenditure |
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4.283 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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NA |
(46.38) |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
(46.38) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
(4.10) |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
(23.39) |
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Debt Equity Ratio (Total Liability/Networth) |
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[1.72]
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[1.42] |
7.12 |
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Current Ratio (Current Asset/Current Liability) |
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4.29
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2.94 |
2.65 |
LOCAL AGENCY
FURTHER INFORMATION
Imports
They are a trading group
with bases in West Africa, India, Sri Lanka, and the UK. They are focusing on
importing and distributing renowned wines in India, Sri Lanka, and West Africa.
Agreements
They have exclusive
agreements to distribute wines for Valdivieso of Chile, Errazuriz Ovalle
Vineyards (EOV), and Vinos Santa Ema, and Moletto Wines of Italy for India and
South East Asia markets.
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.27 |
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UK Pound |
1 |
Rs. 77.01 |
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Euro |
1 |
Rs. 58.29 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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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 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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26 |
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 |
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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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