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MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELECTRONICA MECHATRONIC SYSTEMS (INDIA) PRIVATE LIMITED |
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Registered Office : |
37, Electronica Co-op Estate Limited, No 44, Parvati Pune Satara Road,
Pune – 411009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.09.1986 |
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Com. Reg. No.: |
11-040814 |
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CIN No.: [Company
Identification No.] |
U31403MH1986PTC040814 |
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|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business : |
Manufacturer of DRO
systems and Linear Transducers like Glass Scales, Metallic Scales |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 269908 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed company having satisfactory
track records. 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
|
Registered Office/ Factory : |
37, Electronica Co-op Estate Limited, No 44, Parvati Pune Satara Road,
Pune – 411009, Maharashtra, India |
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Tel. No.: |
91-20-24229398/ 24222293/ 24223860/ 24224440 |
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Fax No.: |
91-20-24221881 |
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E-Mail : |
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Website : |
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Corporate Office : |
Electra House, 691/1A, Pune Satara Road, Pune – 411037, Maharashtra,
India |
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Tel. No.: |
91-212-441639/ 470297 |
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Head Office : |
12, Kaka Halwai Industrial Estate, Parvati Pune Satara Road, Pune –
411009, Maharashtra, India |
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Tel. No.: |
91-212-443532/ 447134/ 470594 |
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Fax No.: |
91-212-422013 |
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Telex : |
1145-432-EMDI-IN |
DIRECTORS
|
Name : |
Mr. Prakash Krishnaji Ratnaparikhi |
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Designation : |
Chairman cum Managing Director |
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Address : |
“Shivam” Plot No.8 Amar Housing Society, S. No.44/2 Erandawan, Pune –
411004, India |
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Date of Birth/Age : |
12.04.1946 |
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Date of Appointment : |
03.09.1986 |
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Date of Ceasing : |
12.04.1946 |
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Name : |
Mr. Ravindra Krishnaji Ratnaparikhi |
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Designation : |
Director |
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Address : |
Manohar 11 Parijat Co-operative Housing Society, Bibwewadi, Pune –
411037, Maharashtra, India |
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Date of Birth/Age : |
09.08.1942 |
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Date of Appointment : |
04.11.1993 |
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|
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Name : |
Mr. Shrikanth Raghunath Pophale |
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Designation : |
Director |
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Address : |
Audumber, Plot No.52 CTS No.101, Erandawana, Pune – 411004,
Maharashtra, India |
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Date of Birth/Age : |
22.01.1942 |
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Date of Appointment : |
04.11.1993 |
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|
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Name : |
Mr. P G Sharma |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Ravindra Krishna Ratnaparikhi |
|
5000 |
|
Mr. Prakash Krishna Ratnaparikhi |
|
2580 |
|
Mrs. Manisha Shrikanth Pophale |
|
47680 |
|
Mr. Shrikanth Raghunath Pophale |
|
8700 |
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Mrs. Rashami Ravindra Ratnaparikhi |
|
33600 |
|
Electronica Machine Tools Limited |
|
78400 |
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Mrs. Radhika Mohan Madgulkar |
|
24320 |
|
Mrs. Shalaka Anand Joshi |
|
24320 |
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Mr. Aditya Prakash Ratnaparikhi |
|
24320 |
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Mr. Ravindra Krishna Ratnaparikhi (HUF) |
|
2920 |
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Ms. Shiv Ravindra Ratnaparikhi |
|
15880 |
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Ms. Shaila Ravindra Ratnaparikhi |
|
15880 |
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Mr. Ravindra Krishna Ratnaparikhi (HUF) |
|
8100 |
|
Ms. Supriya Shrishant Pophale |
|
5436 |
|
Ms. Shilpa Shrishant Pophale |
|
5436 |
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Mr. Shrikanth Raghunath Pophale (HUF) |
|
5800 |
|
Ms. Mugdha Shrikanth Pophale |
|
5408 |
|
Electra Data Systems Private Limited |
|
344892 |
|
Electronica Exports Private Limited |
|
30000 |
|
Mrs. Suniti Shantaram Ratnaparkhi |
|
28 |
|
Mugdha Investment and Finance Private Limited |
|
7100 |
|
Shirar Investment and Finance Private Limited |
|
7100 |
|
Shirish Holding and Finance Private Limited |
|
7100 |
|
|
|
|
|
Total |
|
710000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate (not mentioned above) |
|
84.00 |
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Directors or relatives of directors |
|
16.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of DRO
systems and Linear Transducers like Glass Scales, Metallic Scales |
|
|
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|
Products : |
Manufacturing
Division: ·
Digital Readout Systems ·
Machine Tool Application ·
Metrology Application ·
Linear Scale ·
Transducers ·
Special Low cost packages Trading
Division: ·
Transducers ·
Height Master ·
CMM ·
Gauging Probe ·
Milling Machine |
GENERAL
INFORMATION
|
No. of Employees : |
40 |
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|
|
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Bankers : |
·
Bhagini Nivedita Sahakari Bank Limited Sahakar Nagar Branch, Pune – 411009, Maharashtra, India · Bank of Baroda · ICICI Bank
Limited · Shree Suvarna
Sahakari Bank |
|
Banking
Relations : |
Satisfactory |
|
|
|
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Auditors : |
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|
Name : |
S. N. Gogate and Company Chartered Accountant |
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Address : |
Sanket 2123, Sadashiv Peth, Vijayanagar Colony, Pune – 411014,
Maharashtra, India |
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|
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Associates/Subsidiaries : |
Electronica Finsmart Solutions Private Limited U74120PN2007PTC129476 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
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|
710000 |
Equity Shares |
Rs.10/- each |
Rs.7.100
Millions |
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|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.100 |
7.100 |
7.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
60.377 |
51.137 |
42.013 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
67.477 |
58.237 |
49.113 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23.187 |
33.495 |
40.183 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
1.620 |
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TOTAL BORROWING |
23.187 |
33.495 |
41.803 |
|
|
DEFERRED TAX LIABILITIES |
3.154 |
2.904 |
2.703 |
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|
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|
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TOTAL |
93.818 |
94.636 |
93.619 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.471 |
35.721 |
30.232 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.664 |
8.524 |
8.561 |
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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 |
28.841
|
24.351 |
22.542 |
|
|
Sundry Debtors |
40.919
|
45.491 |
38.212 |
|
|
Cash & Bank Balances |
3.723
|
5.211 |
4.239 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
11.675
|
13.654 |
12.026 |
|
Total
Current Assets |
85.158
|
88.707 |
77.019 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
28.825
|
33.316 |
17.783 |
|
|
Provisions |
5.650
|
5.000 |
4.410 |
|
Total
Current Liabilities |
34.475
|
38.316 |
22.193 |
|
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Net Current Assets |
50.683
|
50.391 |
54.826 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
93.818 |
94.636 |
93.619 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
138.150 |
152.196 |
|
Other Income |
|
0.000 |
0.000 |
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Total Income |
|
138.150 |
152.196 |
|
|
|
|
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Profit/(Loss) Before Tax |
|
15.956 |
15.482 |
|
Provision for Taxation |
|
6.716 |
6.358 |
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Profit/(Loss) After Tax |
|
9.240 |
9.124 |
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|
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Export Value |
|
13.711 |
25.235 |
|
|
|
|
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Import Value |
|
NA |
46.828 |
|
|
|
|
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Total Expenditure |
|
122.194 |
136.714 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
6.69
|
5.99
|
NA
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
11.55
|
10.17
|
NA
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.34
|
12.44
|
NA
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.26
|
NA
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
1.23 |
1.30 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
2.31 |
3.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form8:
|
Corporate
identity number (CIN) Foreign company registration number |
U31403MH1986PTC040814 |
|
Name of the
Company |
ELECTRONICA MECHATRONIC SYSTEMS (INDIA) PRIVATE LIMITED |
|
Address |
37, Electronica Co-op Estate Limited, No 44, Parvati Pune Satara Road,
Pune – 411009, Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Immovable
Property Any Interests in
immovable Property |
|
Particulars of
the charge holder |
Bhagini Nivedita Sahakari Bank Limited Sahakar Nagar Branch, Pune – 411009, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Simple Mortgage
Deed |
|
Date of the
instrument creating or modifying the charge |
01.09.2007 |
|
Amount secured by
the charge |
Rs.25.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Application rate
of interests will be 12% p.a. at monthly rest or any other rate that may be
notified by Reserve Bank of India or bank from time to time. Terms of
Repayment: 48 Monthly
Installments after 12 months moratorium period Margin: 20% Extent and
operation of the charge: First and
Original Charge |
|
Short particulars
of the property charged (including location of the property) |
As per Schedule
of Properties to the deed |
|
Particular of the
present modification |
NA |
As per website
Profile:
Subject is a part
of Electronica Group of companies mainly engaged in engineering business.
Subject is
established in 1980. The company is engaged in manufacturing DRO systems and
Linear Transducers like Glass Scales, Metallic Scales. For Linear Scales, we
took the know-how from the European companies and then further improved the
product to suit domestic and foreign market conditions.
They have complete
in-house development team, manufacturing set up and the marketing set up
for domestic and export market. They are an ISO 9001 – 2000 company. In daily
operations, they follow different systems like Kaizen, 5 ‘S’, Kanban, etc.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|
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 |
|
<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 |
|