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MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRANKLIN TEMPLETON ASSET MANAGEMENT (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
TEMPLETON ASSET MANAGEMENT INDIA PRIVATE LIMITED |
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Registered Office : |
Level 4. Wockhardt Towers, Bandra Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra |
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Country : |
India |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
06.10.1995 |
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Com. Reg. No.: |
93356 |
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CIN No.: [Company
Identification No.] |
U67190MH1995PTC093356 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Financial Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 9300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Management remained non – cooperative during current investigation.
They parted only published information. Subject is a part of Franklin Templeton Group. Available information
indicates high financial responsibility of the company. Trade relations are
fair. Payments are correct and as per commitments. Subject can be considered good for any normal business dealings at
usual trade terms. |
LOCATIONS
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Registered Office : |
Level 4. Wockhardt Towers, Bandra Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra, India |
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E-Mail : |
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Corporate Office : |
Wockhardt Towers, 4th Floor, East Wing, Bandra Kurla
Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Mark Joseph Benhard Mobius |
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Designation : |
Director |
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Address : |
11 TG, RHU Road, # 06-02, Singapore-436896 |
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Date of Birth/Age : |
17.08.1936 |
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Date of Appointment : |
06.10.1995 |
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Name : |
Mr. Rajan Biharilal Raheja |
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Designation : |
Director |
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Address : |
“Rahejas”, 87/1, G. B. Marg, Juhu, Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
19.06.1953 |
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Date of Appointment : |
06.10.1995 |
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Name : |
Mr. Deepak Madhav Satwalekar |
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Designation : |
Director |
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Address : |
9, Nutan Alka Co-operative Housing Society Limited, Relief Road,
Santacurz (West), Mumbai-400054, Maharashtra, India |
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Date of Birth/Age : |
14.11.1948 |
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Date of Appointment : |
06.10.1995 |
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Name : |
Mr. Vidyanathan Panchapagesan |
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Designation : |
Director |
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Address : |
7AB, Kences Enclave, Block III, No. 1, Ramakrishna Street, T Nagar, Chennai-600017,
Tamilnadu, India |
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Date of Birth/Age : |
29.10.1947 |
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Date of Appointment : |
21.12.1995 |
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Name : |
Ms. Jennifer Bolt |
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Designation : |
Alternate Director |
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Address : |
550, Ecualyptus Avenue, Hissl Borough, CA, Hills Borough, Na-94010, US |
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Date of Birth/Age : |
07.07.1964 |
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Date of Appointment : |
22.01.2007 |
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Other Directorship: |
Franklin Templeton International Services (India) Private Limited U74999MH2002PTC134412 |
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Name : |
Mr. Jed Plafker |
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Designation : |
Alternate Director |
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Address : |
4278, Silver Meadow Ct, Danville CA-94506, US |
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Date of Birth/Age : |
11.01.1971 |
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Date of Appointment : |
22.01.2007 |
KEY EXECUTIVES
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Name : |
Mr. Jayram Subramaniam R |
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Designation : |
Secretary |
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Address : |
Flat No. 23, Tower A2, Goderej Garden Enclave, Pirojsha Nagar,
Vikhroli (East), Mumbai-400079, Maharashtra, India |
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Date of Birth/Age : |
09.09.1966 |
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Date of Appointment : |
13.10.2005 |
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Tel No. : |
91-22-25743119 |
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Fax No. : |
91-22-66490622 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 16.06.2007
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Names of Allottees |
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No. of Shares Allotted |
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Franklin Templeton Holding Limited |
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112499998 |
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Vivek Kudva (Nominee of Franklin Templeton Holding Limited) |
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2 |
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Total |
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112500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 31.03.2008
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non –resident Indian(s) or Overseas
corporate bodies or Others. |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Financial Services |
GENERAL
INFORMATION
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Bankers: |
Not Available |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028,
Maharashtra, India |
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Associates/Subsidiaries : |
U65993TN1993PLC025029
U65991TN1993PLC024429 |
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Holding Companies : |
Franklin Templeton Holdings Limited |
CAPITAL STRUCTURE
As on 25.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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245000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2450.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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239333300 |
Equity Shares |
Rs. 10/-
each |
Rs. 2393.333
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
30.09.2007 |
30.09.2006 |
30.09.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2393.333 |
1193.333 |
1193.333 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
1500.000 |
1500.000 |
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4] (Accumulated Losses) |
[530.955] |
[844.219] |
[815.232] |
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NETWORTH |
1862.378 |
1849.114 |
1878.101 |
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LOAN FUNDS |
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1] Secured Loans |
6.148 |
8.049 |
4.099 |
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2] Unsecured Loans |
24.076 |
69.112 |
0.000 |
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TOTAL BORROWING |
30.224 |
77.161 |
4.099 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1892.602 |
1926.275 |
1882.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.521 |
113.322 |
105.821 |
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Capital work-in-progress |
0.000 |
0.000 |
0.294 |
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INVESTMENT |
1389.998 |
1224.437 |
1793.116 |
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DEFERREX TAX ASSETS |
88.805 |
65.738 |
75.042 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
242.368
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99.715 |
126.435 |
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Cash & Bank Balances |
141.106
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73.522 |
34.641 |
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Other Current Assets |
0.135
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0.074 |
0.140 |
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Loans & Advances |
467.911
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739.131 |
218.737 |
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Total
Current Assets |
851.520
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912.442 |
379.953 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
477.839
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367.585 |
450.545 |
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Provisions |
48.403
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22.079 |
21.481 |
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Total
Current Liabilities |
526.242
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389.664 |
472.026 |
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Net Current Assets |
325.278
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522.778 |
[92.073] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1892.602 |
1926.275 |
1882.200 |
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KEY RATIOS
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PARTICULARS |
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30.09.2007 |
30.09.2006 |
30.09.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.29
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0.25 |
0.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.62
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2.35 |
0.80 |
LOCAL AGENCY
FURTHER INFORMATION
The registered address of the company has been shifted from 1st
Floor, Sakahr Bhavan, Narijman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f 12.10.2006
AS PER WEBSITE
Profile:
Franklin Templeton Investments is one of the largest financial services
groups in the world based at San Mateo, California USA. The group has US$580.2
billion in assets under management globally (as on June 30, 2008).
Franklin Templeton has offices in 33 locations across India and manages average
AUM of Rs.247420.600 Millions for over 2.500 Millions investors as of June 30,
2008.
Franklin Resources, Inc., is a global investment management organization known as Franklin Templeton Investments. Their headquarters are located
just south of San Francisco, in San Mateo, California. They have offices in 29 countries
around the world.
They offer investment
solutions under the Franklin,
Templeton, Mutual Series and Fiduciary brand names.
Their common stock is listed on the New York Stock Exchange
under the ticker symbol BEN.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.54 |
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UK Pound |
1 |
Rs.84.86 |
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Euro |
1 |
Rs.66.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
10 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
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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74 |
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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