MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
KISHCO LIMITED |
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Registered Office : |
Excel House, Plot No. 118/D, 3rd Floor, Charkop, Kandivali (West),
Mumbai – 400 067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.08.1950 |
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Com. Reg. No.: |
11-8164 |
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CIN No.: [Company
Identification No.] |
U18101MH1950PLC008164 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK10747C |
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PAN No.: [Permanent
Account No.] |
AAACK2894F |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer Kitchen Appliances |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well- established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Baloo |
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Designation : |
Accounts Executive |
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Date : |
27.11.2008 |
LOCATIONS
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Registered Office : |
Excel House, Plot No. 118/D, 3rd Floor, Charkop, Kandivali (West), Mumbai – 400 067, Maharashtra, India |
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Tel. No.: |
022-28683739 / 8550 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. D-2, MIDC, Sinnar Indl Area, Sinnar,
Dist.Nashik-422 113 |
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Tel No.: |
91-2551-230341, 230 526 |
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Factory 2 : |
Plot No. E 19/B and C, MIDC Sinnar Indl Area, Sinnar,Dist Nashik-422 113, Maharastra, India. |
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Branch Offices 1 : |
39/2, 2nd floor, Annipura Main Road, Sudham Nagar, Bangalore-560027, Karnataka, India |
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Tel. No.: |
91-80-42114049 |
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Branch Offices 2 : |
2nd Floor, D-118, Excel House, M G Road, Govt Industrial
Estate, |
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Tel. No.: |
91-22-28683739/8550 |
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Branch Offices 3 : |
Door No 9, Main Road, Narasingapuram Extension, Guindy Chennai-600032, Tamilnadu, India |
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Tel. No.: |
91-44-22553200 |
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Branch Offices 4 : |
71/7, A-9.Rama Road Industrial Area, Near DHL Office, Moti
Nagar, |
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Tel. No.: |
91-11-25919020/9023 |
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Branch Offices 5 : |
2,Bharat Mahal, 86, Marine Drive, Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22- 22815121 |
DIRECTORS
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Name : |
Mr. Pramod Kumar Jain |
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Designation : |
Chairman |
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Address : |
Shikhar Kunj, 29-A, Carmichael Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
14.01.1938 |
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Date of Appointment : |
12.05.1992 |
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Name : |
Mr. Ashish Jain |
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Designation : |
Director |
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Address : |
Shikhar Kunj, 29-A, Carmichael Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
22.01.1971 |
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Date of Appointment : |
29.11.1997 |
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Name : |
Mr. Pradip Madhavji |
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Designation : |
Director |
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Address : |
Ashiana, 2nd Floor, 5, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
06.04.1936 |
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Date of Appointment : |
26.11.1992 |
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Name : |
Mr. Ashok Ruia |
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Designation : |
Director |
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Address : |
Ruia House, Mount Pleasant Road, Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
13.07.1943 |
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Date of Appointment : |
12.05.1992 |
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Name : |
Mr. V Sridhar |
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Designation : |
Director |
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Address : |
D-204, Runwal Centre, Adj. Lakme Limited, Govandi Station Road,
Deonar, Mumbai – 400 088, Maharashtra, India |
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Date of Birth/Age : |
04.10.1955 |
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Date of Appointment : |
30.07.2003 |
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Name : |
Mr. Umesh More |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. K G Murali |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Equity Shareholders |
No. of Shares |
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Pramod Kumar Jain |
351910 |
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Ashish Jain |
184940 |
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Usha P Jain |
218700 |
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Pramod Kumar Jain – HUF |
138550 |
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Ashish Jain – HUf |
85000 |
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Namita P Jain |
43200 |
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Sonalika Jain |
40000 |
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Total |
1062300 |
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Names of Preference Shareholders |
No. of Shares |
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Pramod Kumar Jain |
400000 |
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Others |
4700 |
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Total |
404700 |
List of Preference Shares Allotted (As on 24.08.2007)
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Names of Allottees |
No. of Shares |
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Bhavesh Mehta |
100 |
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Sunita Shivhare |
200 |
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Gaurav Shivhare |
100 |
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Rajesh Modi |
100 |
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Kashmira Jhaveri |
200 |
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Pankaj Salia |
100 |
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Sweta Shivhare |
100 |
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Surendra Shivhare |
500 |
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Milap Jain |
600 |
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Kokila Jhaveri |
400 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
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Category |
Percentage |
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Directors or relatives of directors
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100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer Kitchen Appliances |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
·
Axis Bank Limited Sir P M Road, Fort, Mumbai – 400 001, Maharashtra, India ·
ING Vysya Bank ·
The North Kanara
G S B Co-Operative Bank Limited Girgaum Branch, Laxmi Sadan, V P Road, Mumbai – 400 004, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kucheria and Associates Chartered Accountants |
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Address : |
59, Jolly Maker Chambers, 225, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6380000 |
Equity Shares |
Rs.5/- each |
Rs.31.900 millions |
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810000 |
Cumulative Preference Shares |
Rs.10/- each |
Rs.8.100 millions |
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Total |
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Rs.40.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1062300 |
Equity Shares |
Rs.5/- each |
Rs.5.312 millions |
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400000 |
5% Non Cumulative Redeemable Preference
Shares |
Rs.10/- each |
Rs.4.000
millions |
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4700 |
8% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.0.047
millions |
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Total |
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Rs.9.359 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.359 |
9.312 |
9.312 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.779 |
8.962 |
3.560 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.138 |
18.274 |
12.872 |
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LOAN FUNDS |
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1] Secured Loans |
96.602 |
30.780 |
4.283 |
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2] Unsecured Loans |
45.000 |
10.099 |
26.855 |
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TOTAL BORROWING |
141.602 |
40.879 |
31.138 |
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DEFERRED TAX LIABILITIES |
2.489 |
0.310 |
0.000 |
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TOTAL |
168.229 |
59.463 |
44.010 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
98.443 |
26.098 |
25.180 |
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Capital work-in-progress |
0.000 |
2.212 |
0.000 |
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INVESTMENT |
36.609 |
3.593 |
2.866 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.203 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
29.730
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29.408 |
25.720 |
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Sundry Debtors |
9.488
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6.421 |
6.711 |
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Cash & Bank Balances |
11.191
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12.661 |
3.070 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
23.279
|
9.031 |
3.502 |
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Total
Current Assets |
73.688
|
57.521 |
39.003 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.274
|
26.483 |
23.242 |
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Provisions |
5.237
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3.478 |
0.000 |
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Total
Current Liabilities |
40.511
|
29.961 |
23.242 |
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Net Current Assets |
33.177
|
27.560 |
15.761 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
168.229 |
59.463 |
44.010 |
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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 |
91.974 |
74.250 |
76.444 |
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Other Income |
13.775 |
9.253 |
12.584 |
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Total Income |
105.749 |
83.503 |
89.028 |
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Profit/(Loss) Before Tax |
13.095 |
5.812 |
5.910 |
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Provision for Taxation |
3.278 |
0.410 |
3.035 |
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Profit/(Loss) After Tax |
9.817 |
5.402 |
2.875 |
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Export Turnover |
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Sale of goods manufactured |
6.525 |
2.440 |
3.866 |
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Expenditures : |
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Raw Material Consumed |
28.860 |
25.812 |
21.634 |
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Consumption of stores and spares parts |
11.778 |
10.268 |
10.373 |
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Increase/(Decrease) in Finished Goods |
1.839 |
(1.883) |
3.368 |
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Salaries, Wages, Bonus, etc. |
13.572 |
10.558 |
9.209 |
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Payment to Auditors |
0.081 |
0.080 |
0.068 |
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Interest |
4.073 |
2.774 |
1.981 |
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Insurance Expenses |
1.474 |
1.389 |
0.283 |
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Power & Fuel |
4.754 |
4.458 |
3.591 |
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Depreciation & Amortization |
4.273 |
3.362 |
3.192 |
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Other Expenditure |
21.950 |
20.873 |
29.419 |
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Total Expenditure |
92.654 |
77.691 |
83.118 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
9.28
|
6.47 |
3.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.24
|
7.83 |
7.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.61
|
6.95 |
9.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.32 |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.54
|
3.88 |
4.22 |
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Current Ratio (Current Asset/Current Liability) |
|
1.82
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1.92 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Office of the Company has been shifted from Beh Plot
No. 53/54, Government Industrial Estate, Kandivali (East), Mumbai – 400 067,
Maharashtra, India to the present address w.e.f. 12.09.2008.
Form No. 8
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Name of the company |
KISHCO LIMITED |
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Presented By |
The North Kanara G
S B Co-Operative Bank Limited, Girgaum Branch, Mumbai – 400 004 |
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1) Date and description of instrument creating the change |
No instrument was
executed. However, the Equitable mortgage has been created byway of deposit
of title deeds, on 16.09.1998. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.17.500
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 that piece
and parcel of land being Plot No. D-2 admeasuring 4500 sq. mtrs. or
thereabouts in the MIDC Industrial Area, Sinnar, Nashik, comprised in the
Lease dated 27 November, 1995 executed by the Maharashtra Industrial
Development Corporation in favour of the Mortgage company and which said Plot
D-2 situated is in the Registration Sub-District of Sinnar and District
Nashik, belonging to the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure due
repayment of Term Loan facility granted by the bank to the borrower. Repayment by way
of 48 monthly instalments of Rs.0.364 million each commencing from November
8, 1998. Rate of Interest
: 16.5% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The North Kanara
G S B Co-Operative Bank Limited, Girgaum Branch, Laxmi Sadan, V P Road,
Mumbai – 400 004 |
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6) Date and brief description of instrument modifying the charge |
Deed of Extention
of Equitable Mortgage dated 6th July, 2001. |
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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 this modification,
the limit is enhanced from Rs.17.500 millions to Rs.32.700 millions. (Term
Loan Rs.25.000 millions and BG Rs.7.700 millions) |
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Corporate
identity number of the company |
U18101MH1950PLC008164 |
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Name of the
company |
KISHCO LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Beh Plot No. 53/54, Government Industrial Estate,
Kandivali (East), Mumbai – 400 067, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Axis Bank Limited Sir P M Road,
Fort, Mumbai – 400 001, Maharashtra, India |
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Nature of
instrument creating charge |
Memorandum of entry
(Extension of Equitable Mortgage) Sanction Letter
No. AXIS/WZ/RT/25045/2007-08 dated 28th February 2008. |
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Date of
instrument Creating the charge |
10.03.2008 |
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Amount secured by
the charge |
Rs.142.500
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest As per sanction letter Ref No. AXIS/WZ/RT/25045/2007-08 dated 28th
February 2008. BPLR – 2.00% i.e. 12.75% p.a. payable monthly. ·
Terms of
repayment As per sanction letter Ref No. AXIS/WZ/RT/25045/2007-08 dated 28th
February 2008. Cash Credit : On Demand ·
Margin As per sanction letter Ref No. AXIS/WZ/RT/25045/2007-08 dated 28th
February 2008. Stocks : 25% Book Debts : 30% Letter of Credit : 15% Bank Guarantee : 15% ·
Extent and
operation of the charge As per sanction letter Ref No. AXIS/WZ/RT/25045/2007-08 dated 28th
February 2008. ·
Others As per sanction letter Ref No. AXIS/WZ/RT/25045/2007-08 dated 28th
February 2008. |
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Particulars of
the property charged |
·
All the Plant,
Machinery, Fixtures, Implements, fittings and other installations, furniture,
computers and all other articles, equipments both present and future whether
lying loose in or about the borrowers factory premises, warehouses and
godowns at Plot No. E 19B and C Sinner Industrial Area Nasik and Plot No.
D-2, MIDC Sinnar Industrial Area Nasik ·
The whole of
the borrowers movables goods and assets both present and future and including
but without prejudice to generality of fire going words. |
Operations and
Future Outlook
The Turnover of the Company for the Financial Year has increased from
Rs.74.250 millions to Rs.91.975 millions, showing an increase of 23.87%.
Profit before tax is Rs.13.095 millions as against Rs.5.812 millions in
the previous year, an increase over 125%.
In line with the Accounting Standard 22, the Net Deferred Tax
(Liability) works out to Rs.2.179 millions as against of Rs.0.514 million and
the impact of the same has been considered in the Accounts. During the period, the
company continues to maintain its aggressive marketing policy and is putting
consistent efforts to widen its Dealer-Distributor network and also exploring
the overseas market.
The company is constantly coming out with new innovative designs in
cutlery to meet the domestic as well as demand in the international market.
With the installation of modern machineries, the quality is as per
international standards.
The company has put up its Kitchenware Plant at Sinnar to manufacture
Cookware products such as Pressure Cookers. Nonstick ware and European type
Cookware, which are highly fuel efficient and the food cooked will be most
hygienic. The Company has commenced its production of the said product range
from 1st March 2008 onwards.
The outlook of the company appears to be reasonably good.
The Hon’ble High Court, Maharashtra, Mumbai has sanctioned the Scheme of
Arrangement between the company and its eligible equity shareholders on 27th
April 2007. Only 27 shareholders had opted for 8% Redeemable Preference Shares,
totaling 4700 in numbers. The payment to all othsr shareholders was made
(through pay-order /demand draft) as per the Scheme of Arrangement, sanctioned
by the Hon’ble High Court of judicature of Mumbai. As sanctioned in the scheme,
the delisting application was filed with OTC Exchange and consequently,
The shares were de-listed from the OTC
Exchange w.e.f. 24th March 008.
Notes on Accounts
1. Contingent Liability not provided for in respect of
:
·
Guarantees issued by Banks on behalf of the Company Rs. Nil (Rs.1.526
millions) against term deposit of Rs. Nil (1.526 millions)
Letter of Credit issued by Bank on behalf of
the Company for Rs.0.962 million (Rs.0.150 million) against term deposit of
Rs.0.962 million (Rs.0.150 millions)
·
Demand of Rs.3.460 millions towards additional taxes for Marine Drive
Show Room from Collector of Mumbai City, not acknowledged by the company and
the same is disputed by the company by filing a petition in Bombay High Court.
The said demand is reduced Rs.1.110s millions and the matter is now pending at
Bombay High Court.
2.
The Hon’ble High Court, Maharashtra, Mumbai has sanctioned the Scheme of
Arrangement between the company and its equity shareholders had option either
to surrender the shares @ Rs.10/- each under buyback scheme or to receive 8%
Redeemable Preference Shares of Rs.10 each/-, redeemable after one year from
the date of allotment.
Fixed Assets
·
Freehold Land
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Dies and Moulds
·
Electrical Installation
·
Furniture and Fixtures
·
Typewriter and Office Equipment
·
Air Conditioner and Water Coolers
·
Weighing Scale
·
Motor Car
·
Computer and Peripherals
Web Details
Profile
A well set table has more to it than just fine dining. It is a reflection and an eloquent expression of the personality. The magic of memorable moments lie in the details of the setting. In the hands of the guests in the dining table, the choice of fine cutlery and hollowware assumes considerable significance. Subject cutlery and hollowware enhances the aura and ambience that are made of….
Subject doesn’t just set a table –it sets a tradition. Be it any place, home or
a five star hotel a prestigious restaurant or a corporate canteen.
With the work force of 220 and a production capacity of 2 million pieces of
cutlery items per month, Subject is the largest manufacturer of Stainless Steel
and Silver Plated Cutlery in India. The products are distributed pan India
through a well knit network of distributors and retailers.
Subject also caters to a wide spectrum of clientele ranging from household
sector, hospitality sector, travel houses and big corporate houses. Subject
also exports to countries like U.S.A and Europe.
Subject is promoted by Mr. P.K Jain and Mr. Ashish Jain who are also
co-promoters of Rs 3.5 Billion DCW group.
Subject is the only company in India which manufactures the entire range (about
45 items in pattern) of items including specialized items like jam spoon, honey
spoon, cheese knife, B and B knife, Twizzler (spoon cum straw) apart from the
main course cutlery items like AP spoons, Forks and Knives.
Besides a lifetime guarantee on the Stainless Steel Cutlery, Subject is the
only company in India which uses an advanced process of silver plating and
gives a 14-16 microns plating on its Silver plated cutlery against 4-5 microns
available in the market. Subject is the only company in India, which gives 7
years guarantee on the silver plating on its cutlery.
Subject over the past 55 years has kept pace with the high traditions and stature
of the highest institutions while keeping in tune with the times.
Today, as the No.1 Cutlery in India, Subject extends its value offers from the
dining area to the kitchen area of the customer. Subject offers the widest
range in pressure cookers, non-stick cookwares, hard anodised cookwares and
Stainless steel cookware.
Subject believes customers are the product designers, thus each product is
designed keeping in mind the purpose for which it is being made for. 
Manufacturing
Facility
Subject doesn’t just set a table –it sets a tradition. Be it any place,
home or a five star hotel a prestigious restaurant or a corporate canteen.
With the work force of 220 and a production capacity of 2 million pieces of
cutlery items per month, Subject is the largest manufacturer of Stainless Steel
and Silver Plated Cutlery in India.
Subject cutlery is manufactured by using imported technology at the
state-of-the art plant at Nashik, India; Subject is equipped with International
quality standards and high-end technological back-up.
The subject Cutlery plant is ISO certified by one of the most prestigious
certifying body, Underwriter laboratories.
Subject believes in uncompromising premium quality and innovativeness,
An example of the successful application of the high subject standards of
quality is the new cookware plant at Nashik. The plant has inhouse facility for
manufacturing hardanodisedware, nonstickware, pressure cookers and highly
advanced Stainless Steel cookware.
The Stainless Steel cookware machine which produces super therm forged products
was imported from Japan. It is the only machine installed by a cookware
manufacturer in India.
The cookware plant has its own R and D and quality control unit. Each piece has
to go through stringent quality procedures and stimulated consumer trials,
before being packed as finished product.
Evidence to this statement is, 
·
Use of surgical quality stainless steel and virgin aluminium for the
cookwares sourced from the best vendor ..
·
Use of finest Rosewood, Stainless steel and Bakelite handles with Brass
compression rivets designed to protect balanced grip.
·
All products confirms to ISI standards.
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.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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 |
|