MIRA
INFORM REPORT
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Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
INOX INDIA LIMITED |
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Registered Office : |
ABS Tower, 4th Floor, Old Padra Road, Baroda – 390007,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.12.1986 |
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Com. Reg. No.: |
04-18945 |
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CIN No.: [Company
Identification No.] |
U99999GJ1976PLC018945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDI00238A BRDI00194F |
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PAN No.: [Permanent
Account No.] |
AAACI4416P |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers, Exporter and Importer of Cryogenic Tanks, Cold Converter Systems, Vacuum Insulated Tanks, Atmospheric Vaporisers, Cryo Containers, Disposable Gas Cylinder, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. The company has shown steady progress over the years. General financial position is satisfactory. Payments are reported as usually correct and as per commitments.
The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sunil Lavati |
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Designation : |
Finance Manager |
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Contact No.: |
91-265-3056250 |
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Date : |
13.11.2008 |
LOCATIONS
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Registered Office : |
ABS Towers, 4th Floor, Old Padra Road, Vadodara-390007, Gujarat, India. |
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Tel. No.: |
91-265-2343125/ 235912/ 2343226/ 3056100/ 2343123/ 2343124/ 2653056100 |
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Fax No.: |
91-265-2333398/ 2341449/ 2333398 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. |
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Location : |
Owned |
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Factory 1: |
Village Katol, Kalol, Near Baroda, District Panchmahals, Gujarat, India |
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Area : |
48258 sq. mtrs. |
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Location : |
Owned |
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Factory 2: |
Boru Road, Near Narmada Colony, Kalol, Panchmahal – 389 330, Gujarat, India. |
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Location : |
Owned |
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Factory : |
Located at ·
Kandala ·
Silvassa |
DIRECTORS
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Name : |
Mr. Devndrakumar Sidhhomal Jain |
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Designation : |
Director |
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Address: |
94, Benzer Terrace, Sea Face Worli, Mumbai – 400 018,
Maharashtra, India |
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Date of Birth: |
02.03.1929 |
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Date of Appointment : |
16.04.1979 |
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Name : |
Mr. Pavankumar Devendra Jain |
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Designation : |
Director |
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Address: |
31, Benzer Terrace, A G Khan Road, Worli Mumbai – 400 018,
Maharashtra, India |
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Date of Birth: |
17.05.1951 |
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Date of Appointment : |
16.04.1979 |
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Name : |
Mr. Subhodhkumar Lalitkumar Jain |
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Designation : |
Director |
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Address: |
36, Golf, Links, New Delhi |
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Date of Birth: |
21.09.1978 |
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Date of Appointment : |
17.03.2004 |
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Name : |
Mr. Vivekkumar Devenkumar Jain |
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Designation : |
Director |
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Address: |
47, Golf, Links, New Delhi – 110 003, India |
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Date of Birth: |
30.08.1955 |
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Date of Appointment : |
20.04.1992 |
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Email : |
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Name : |
Mr. Siddharth Pavankumar Jain |
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Designation : |
Director |
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Address: |
Benzer Terrace, 94, Worli, Sea Face, Mumbai |
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Date of Birth: |
21.09.1978 |
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Date of Appointment : |
17.03.2004 |
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Name : |
Mr. Parag Padmakar Kulkarni |
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Designation : |
Director |
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Address: |
C -404 Samrajya Flat opposite Sabri Vidyalaya, off Vasna Road,
Vadodara – 390 007, Gujarat, India |
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Date of Birth: |
07.09.1950 |
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Date of Appointment : |
25.09.1999 |
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Name : |
Mrs. Nandita Jain |
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Designation : |
Company Secretary |
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Address: |
47, Golf Links, New Delhi – 110003, India |
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Date of Birth: |
22.10.1962 |
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Date of Appointment : |
24.04.2008 |
KEY EXECUTIVES
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Name : |
Mr. Pavankumar Logar |
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Designation : |
Company Secretary |
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Address : |
102, Samrajya Flat opposite Rajesh Tower, Subhnapura, Baroda – 390
023, Gujarat, India |
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Date of Birth/Age : |
10.06.1967 |
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Date of Appointment : |
13.12.1993 |
SHAREHOLDING PATTERN
(As on 30.09.2005)
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Name of Shareholders |
Equity Shares |
Preference Shares |
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Devendra Kumar Jain |
10000 |
0.000 |
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Pravan Kumar Jian |
30000 |
44000 |
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Vivek Kumar Jain |
30000 |
0.000 |
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Siddarth Kumar
Jain |
40000 |
16000 |
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Kamal Devi Jain |
10000 |
0.000 |
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Nayantara Jian |
20000 |
0.000 |
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Nandita Jian |
20000 |
0.000 |
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Devansh Jain |
40000 |
0.000 |
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Vivek Kumar Jain |
0.000 |
80000 |
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Total |
200000 |
140000 |
(As on 31.03.2007)
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Category |
Percentage |
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Directors or relatives of directors |
98.00 |
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Others |
2.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporter and Importer of Cryogenic Tanks, Cold Converter Systems, Vacuum Insulated Tanks, Atmospheric Vaporisers, Cryo Containers, Disposable Gas Cylinder, etc |
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Products : |
· Cold Convertor Systems · Vacuum Insulated Tanks · Atmospheric Vaporisers · Cryo Containers · Disposable Gas Cylinders
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Exports : |
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Countries: |
· Bahrain · Dubai · Indonesia · Japan · Jordan · Malaysia · Nepal · Philippines · Gulf Countries |
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Imports : |
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Countries: |
· European Countries · U.S.A. |
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Terms : |
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Selling : |
L/C – CAD |
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Purchasing : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS as on 31.03.2005:-
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Cryogenic Tanks for liquefied Gases |
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Nos |
125 |
85 |
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Cold convertor Systems |
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Nos |
125 |
58 |
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Atmospheric Vaporisers |
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Nos |
159 |
219 |
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Cryo Containers |
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Nos |
10000 |
8856 |
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Disposable gas cylinder |
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Nos |
540000 |
224293 |
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ISRO Project |
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Nos |
--- |
--- |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
· Bank of Bahrain and Kuwait B. S. C. Jolly Maker Chamber – II, 225, Nariman Point, Mumbai – 400021, Maharashtra, India
· Centurion Bank Limited Productivity House, Productivity Road, Alkapuri, Baroda – 390007, Gujarat, India
· IDBI Bank Limited Concorde, R.C. Dutt Road, Alkapuri, Baroda – 390007, Gujarat, India
· ABN Amro Bank N.V. Alkapuri, Baroda – 390007, Gujarat, India
· ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India ·
HDFC Bank Durga Niwasm G Road, Panaji, Goa – 403001, Goa, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
S. C. Bandi and Company Chartered Accountants |
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Address : |
812, Maker Chamber V, 221, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Associates/Subsidiaries : |
· Refron Valves Limited · Gujarat Flurochemicals Limited · Hydrogas India Private Limited · Inox Air Products Limited · Inox Lease and Finance Limited · Superior Air Products Limited |
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Membership : |
· Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity shares |
Rs.10/- each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
9076350 |
Equity shares |
Rs.10/- each |
Rs.90.764
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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90.764 |
43.382 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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412.256 |
300.385 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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503.020 |
343.767 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
12.939 |
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2] Unsecured Loans |
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80.544 |
0.000 |
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TOTAL BORROWING |
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80.544 |
12.939 |
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DEFERRED TAX LIABILITIES |
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39.844 |
17.565 |
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TOTAL |
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623.408 |
374.271 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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304.000 |
112.075 |
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Capital work-in-progress |
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12.433 |
0.000 |
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INVESTMENT |
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0.880 |
0.697 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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475.679
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296.193 |
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Sundry Debtors |
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120.288
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81.727 |
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Cash & Bank Balances |
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15.011
|
30.491 |
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Other Current Assets |
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0.334
|
0.560 |
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Loans & Advances |
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47.024
|
37.096 |
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Total
Current Assets |
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658.336
|
446.067 |
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Less : CURRENT LIABILITIES
& PROVISIONS |
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Current Liabilities |
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345.809
|
179.164 |
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Provisions |
|
6.432
|
5.404 |
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Total
Current Liabilities |
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352.241
|
184.568 |
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Net Current Assets |
|
306.095
|
261.499 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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623.408 |
374.271 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
1885.366 |
1274.642 |
818.689 |
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Other Income |
33.018 |
7.900 |
2.863 |
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Total Income |
1918.384 |
1282.542 |
821.552 |
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Profit/(Loss) Before Tax |
371.034 |
304.593 |
166.897 |
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Provision for Taxation |
123.015 |
101.644 |
58.710 |
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Profit/(Loss) After Tax |
248.019 |
202.949 |
108.187 |
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Export Value |
942.689 |
702.672 |
395.695 |
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Expenditures : |
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Raw Material Consumed |
1034.681 |
688.821 |
441.089 |
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Consumption of stores and spares parts |
111.545 |
79.428 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(127.742) |
(120.685) |
0.000 |
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Salaries, Wages, Bonus, etc. |
78.857 |
52.000 |
43.643 |
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Managerial Remuneration |
3.305 |
2.971 |
0.000 |
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Payment to Auditors |
0.201 |
0.133 |
0.085 |
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Interest |
18.143 |
2.187 |
0.724 |
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Insurance Expenses |
4.387 |
2.932 |
1.688 |
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Power & Fuel |
22.322 |
16.015 |
9.736 |
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Depreciation & Amortization |
25.606 |
14.546 |
0.000 |
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Other Expenditure |
376.046 |
239.601 |
157.690 |
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Total Expenditure |
1547.350 |
977.949 |
654.655 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
12.93
|
15.82
|
13.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
19.68
|
23.89
|
20.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
31.24
|
29.90 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.60
|
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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NA
|
0.86
|
0.57 |
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Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.86
|
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 21st December, 1976 at New Delhi
in India under the Name and Style ‘Baroda Oxygen Company Limited’ having Old
Registration Number 55-2958. It changed
its name to the present and transferred its registered office at Vadodara in
Gujarat on 08.02.1993 obtaining New Company Registration Number 18945.
It is an ISO 9001 Cryogenic Engineering Company focused on Cryogenic
insulation technology equipment and systems.
Largest Manufacturer of Cryogenic Liquid Storage and transport tanks in
India and reputed supplier to leading international Gas companies worldwide
like Air Liquid, Air Products, BOC, Linde, Messer, Nippon Sanso, Praxair.
The company with a penchant to perfection, commitment to excellence and
meeting world class standards having full range of Cryogenic Liquid Storage
Tanks and Distribution Tanks.
Standard Col Converters or Vacuum Insulated Evaporators and mobile
transport tanks for Liquid Gases like Nitrogen, Oxygen, Argon and Carbon
Dioxide. Range includes Vaporises,
Insulated Piping, LN2 containers and other related accessories
DIRECTOR REPORTS
DEVELOPMENTS
The Company has started regular manufacture of cryogenic vessels
to advance European Codes. This has helped in improving export market.
During the year The Company has also brought out new range of vertical standard
tanks with improved performance. The company has also developed new suspension
system with improved performance for transport tanks.
The company
is in trade terms with the following:
· Baldota Valves and Fittings Company Private Limited
· Devchand Engineers Private Limited
· Mech Well Fittings Private Limited
· Penal Fab
· Shakti Industries
·
Praxiair Limited - Bangalore
·
Superior Air Products Limited
FORM 8:
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Corporation identity number or foreign
company registrations number of the company
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U99999GJ1976PLC18945 |
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Name of the company |
INOX INDIA LIMITED |
|
Address |
ABS Tower , 4th Floor, Old Padra Road, Baroda –
390 007, Gujarat, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Book Debts Movable Property Floating Charge All pResent and Future Current, Movable
Fixed Assets |
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Particular of the charge holder |
ABN Amro Bank N.V. Alkapuri, Baroda – 390007, Gujarat, India |
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Nature or description of the instrument
creating charge |
Hypothecation of stock and Book Debts on
Pari Passu basis with other lenders (limit will be restricted to the extent
of ABN Amro Bank N.V. Shares in the Consortium/multiple Banking arrangement) Second pari passu charge by the way of
hypothecation on owned plant and machinery in live with other banks security. |
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Date of the instrument creating charge |
15.05.2008 |
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Amount Secure by the charge |
Rs.311.000 millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
Rate
of Interest OD/STPLR/FCNR Loan/ Export Finance/ Bill
Discounting / Buyers Credit ( Presently 15.25% p.a.) less 3.75% p.a. i.e.
11.5% p.a. Letter or Credit Bank Guarantee: At
negotiated Rates General Guarantee: At negotiated Rates Terms
of Repayment: OD/CC: Repayable on Demand FCNR: Maximum Month EPC/PSC/BD/BC: Maximum 180 days LC: Maximum 6 month BG: Maximum 3 years General Guarantee: Maximum 3 years Margin: The Borrower will Maintain a sufficient
quality and market value of the goods and assets to provide the margin of the
security required by the bank. Extent
and operation of the charge: First Pari Passu charge on current assets
(inventory and receivable) (both present and future) of the borrower. Second
Pari Passu charge on movable fixed assets (both present and future) of the
borrower. |
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Short particulars of the Property
charged |
First Pari Passu charge on current assets
(inventory and receivable) (both present and future) of the borrower. Second
Pari Passu charge on movable fixed assets (both present and future) of the
borrower. |
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Particular of the present modification: |
By virtue of this modification,
Hypothecation charge created in favour of bank has increased to Rs.311.000
Millions |
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Name of the company |
INOX INDIA LIMITED |
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Presented By |
Mr. P K Jain , Director
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1) Date and description of instrument creating the change |
Agreement of hypothecation dated 08.12.1997 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.58.000 millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
All present and future goods , book debts and all other movable assets of the borrower including
documents of title to the goods, outstanding moneys, receivable \by way of
cash assistance and or cash incentives under the cash incentive scheme or any
other scheme claims including claims
by way of refund of custom / excise
duties under the duty drawback credit scheme or any other scheme, bills,
invoices, documents , contracts, insurance policies , guarantee , engagement,
securities , investment and right and
the present and future machinery belonging to or in the possession or under
the control of the borrower wherever lying stored and kept and whether in
possession of the borrower or of the bank or any third party whether in India
or elsewhere through out the world (including all such goods, other movable
assets as may be in course of shipment transit or delivery) . |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
·
The bank is entitled to charge interest at such rate as may be
determined by the bank ·
The borrower will at all time maintain a sufficient quantity and
market value of the said goods and assets to provide the margins of security
required by the bank from time to time. ·
This agreement shall operate as a continuing security for all moneys
indebtedness and liabilities aforesaid notwithstanding the existence of a
credit balance in the account of accounts at any time or any partial
payments. |
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5) Name and Address and description of the person entitled to the
charge. |
Centurion Bank Limited Address: Ground Floor, Productivity House,
productivity Road, Alkapuri , Vadodara – 390 007, Gujarat, India |
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6) Date and brief description
of instrument modifying the charge |
The present modification is by way of execution of supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit executed on 08.06.2005 |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
By way of aforesaid supplemental agreement of hypothecation of goods
and assets for increase in the overall limit executed on 08.06.2005 with
centurion Bank Limited, Productivity House, productivity Road, Alkapuri ,
Vadodara – 390 007, Gujarat, India the bank has agreed to grant / revise to
the company (the borrower) existing working capital finance from Rs. 38.500
millions (fund Based : Rs. 13.500 millions And Non –Fund Based RS. 25.000
millions ) to Rs. 133.500 millions (Fund Based Rs. 26.00 millions and non –
Fund Based Rs. 107.500 millions ) secured by hypothecation of such goods ,
book debts movable and other assets interalia referred to in clause 2 and 3
of the agreement of the hypothecation of goods and assets for increase in
overall limit executed on dated 08.12.97. the other term and condition shall
remain unchanged subject to following terms and conditions: Fund Based Cash credit @8.50% p.a
Tenor on demand Non –Fund Based Letter of credit Commitments @ 0.40% p.a Usance @ 0.40 p.a Bill Handling @ 0.10% Bank guarantee - performance @0.80% p.a Bank guarantee – financial
@1.00% p.a Tenor ILC 180 days maximum FLC 180 days maximum BG Maximum 30 month (including claim period) |
FIXED ASSETS:
· Land
· Buildings
· Plant and Machinery
· Technical Know – how
· Electrical Installations
· Office equipments
· Air conditioners
· Furniture and Fixtures
· Vehicles
OTHER INFORMATION:
The provisions relating to licensed capacity
are not applicable to the business of the company except for disposable Gas
cylinder being 100% EOU Unit in which registered Capacity is same as of the Installed
capacity.
WEBSITE
DETAILS:
Subject is an ISO 9001 and OHSAS-18001 Cryogenic
Engineering Company focused on Cryogenic insulation technology equipment and
systems.
Largest manufacturer of Cryogenic liquid storage and transport tanks in
India and reputed supplier to leading international Gas Companies worldwide
like Air Liquide, Air Products, BOC, Linde, Messer, Nippon Sanso, Praxair.
Impressive list of satisfied customers all over the world.
The Company with a penchant to perfection, commitment to excellence and
meeting world class standards having full range of cryogenic liquid storage
tanks, distribution tanks.
Standard Cold Converters or Vacuum Insulated Evaporators and mobile
transport tanks for Liquid Gases like Nitrogen, Oxygen, Argon and Carbon
Dioxide. Range includes Vaporisers, Insulated piping, LN2 containers and other
related accessories.
Specialized in cryogenic turnkey systems for advanced applications like
Space Satellite Launch Pads and low temperature research.
Welcome to a Company that in a few short years since its inception in
1992, has grown to become a market leader in the highly challenging field of
vacuum insulated cryogenic equipment in India. Sustaining regular production of
standard and custom made Cryogenic tanks in a modern Workshop with 19000 sq.mtr
area and 200 strong employees.
Subject has clearly emerged as a
technology leader due to collaborations with world-reputed manufacturers who
have long standing experience in delivering quality products.
Technology for Cryogenic Tanks has been obtained from Nippon Sanso Corporation
which is the largest industrial gas company in Japan having the largest market
share for cryogenic equipments produced there. Experts from Nippon Sanso have
worked very closely with Subject to set up the cryogenic tanks manufacturing
facilities, to train its employees besides ensuring regular updating of the
capabilities of the company India. Nippon Sanso has provided the backbone of
engineering and quality systems for Subject to grow from strength to strength.
For Super-Insulated Cryogenic Containers, Subject
has chosen Dia Reiki Kogyo Co. of Japan which is globally known for excellent
quality products. Superior technology provided by Dia Reiki has enabled Subject
to manufacture the latest generation portable super insulated cryogenic containers which match the most
recent international standards.
Policy:
Simply, to meet customer expectations of high quality
products, in the stipulated time frame, and to their satisfaction.
Their factory is located at Kalol, Dist Panchmahal, Gujarat, about 55kms
from Vadodara.
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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
|