MIRA INFORM REPORT
|
|
|
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RENUKA SUGARS LIMITED |
|
|
|
|
Registered
Office : |
BC 105, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2010 |
|
|
|
|
Date of
Incorporation : |
25.10.1995 |
|
|
|
|
Com. Reg. No.: |
08-19046 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L01542KA1995PLC019046 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Sugar, Ethnol and Power. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 71000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track records.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
BC 105, |
|
Tel. No.: |
91-831-2404000 / 2404961 |
|
Fax No.: |
91-831-2469891 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
7th Floor, Devchand House, Shiv Sagar Estate, Dr. Annie Besant
Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24977744 |
|
Fax No.: |
91-22-24977747 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Unit I - Munoli Sugar,
Distillery, Co-generation and Sugar
Refinery at, Gavase,
Taluka Saundatti, District:
Unit II - Arag (Leased) Sugar
& Co-Generation Taluka
Miraj, District:
Sangli, Unit III - Athani Sugar,
Distillery, Co-Generation and Sugar
Refinery Taluka
Athani District
Unit IV - Havalga Sugar,
Distillery and Co-Generation Taluka:
Afzalpur, Dist:
Unit V - Raibag (Leased) Sugar Taluka:
Raibag, Dist:
Unit VI - Pathri Sugar Deonandra,
Taluka: Pathri Dist:
Parbhani, Unit VII - Gokak Sugar
and Co-generation Kolavi,
Taluka: Gokak Dist:
Unit E1 - Khopoli Ethanol Donvat,
Taluka: Khalapur, Unit R1 - Haldia Sugar
Refinery Kolkata,
Unit R2 - Kandla Sugar
Refinery Kandla,
|
DIRECTORS
|
Name : |
Mr.
Nandan Yalgi |
|
Designation : |
Director
- Commercial |
|
|
|
|
Name : |
Mr.
Sanjay Asher |
|
Designation : |
Independent
Director and Head - Audit Committee |
|
|
|
|
Name : |
Mr.
S. K. Tuteja |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
J. J. Bhagat |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mrs.
Vidya Murkumbi |
|
Designation : |
Executive
Chairperson |
|
|
|
|
Name : |
Mr. Narendra
Murkumbi |
|
Designation : |
Vice
Chairman and Managing Director |
|
|
|
|
Name : |
Mr.
Jonathan Kingsman |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
Hrishikesh Parandekar |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
S. M. Kaluti |
|
Designation : |
Non-Executive
Director |
|
|
|
|
Name : |
Mr.
Robert Taylor |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr.
Humberto Farias |
|
Designation : |
CEO -
Renuka do Brasil S/A |
|
|
|
|
Name : |
Mr.
Somit Banerjee |
|
Designation : |
Sr.
VP - Trading |
|
|
|
|
Name : |
Mr.
Vijendra Singh |
|
Designation : |
President
- Sugar Mills |
|
|
|
|
Name : |
Mr.
Gautam Watve |
|
Designation : |
Head
- Strategy & Planning |
|
|
|
|
Name : |
Mr.
S. Kumar |
|
Designation : |
President
- Refining |
|
|
|
|
Name : |
Mr.
K. K. Kumbhat |
|
Designation : |
CFO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
52,859,860 |
7.88 |
|
|
196,814,000 |
29.32 |
|
|
249,673,860 |
37.20 |
|
|
|
|
|
|
4,710,000 |
0.70 |
|
|
4,710,000 |
0.70 |
|
Total
shareholding of Promoter and Promoter Group (A) |
254,383,860 |
37.90 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
55,173,164 |
8.22 |
|
|
19,520,391 |
2.91 |
|
|
144,716,289 |
21.56 |
|
|
219,409,844 |
32.69 |
|
|
|
|
|
|
63,348,240 |
9.44 |
|
|
|
|
|
|
62,099,639 |
9.25 |
|
|
25,085,678 |
3.74 |
|
|
46,855,064 |
6.98 |
|
|
9,947,076 |
1.48 |
|
|
2,032,000 |
0.30 |
|
|
26,292,120 |
3.92 |
|
|
4,142,168 |
0.62 |
|
|
4,441,700 |
0.66 |
|
|
197,388,621 |
29.41 |
|
Total
Public shareholding (B) |
416,798,465 |
62.10 |
|
Total
(A)+(B) |
671,182,325 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
671,182,325 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar, Ethnol and Power. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Prabhashankar and Company Chartered Accountant |
|
Address : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000000 |
Equity Shares |
Rs.1/- each |
Rs.800.000 Millions |
|
25000000 |
Preference Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.1050.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
670382000 |
Equity Shares |
Rs.1/- each |
Rs.670.380
Millions |
Notes :
- As per the terms 18,000,000 Equity
Shares of Rs.1/- each at a premium of Rs.113.37 per share were allotted on
March 4, 2010.
- 334,900,000 Bonus shares were issued as
on March 18, 2010 at the ratio of 1:1.
- Allotment of 582,000 Equity Shares of
Rs.1/- each at a premium of Rs.28.55 under ESOP on September 2, 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
670.380 |
522.770 |
506.860 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17124.540 |
12119.160 |
5892.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17794.920 |
12641.930 |
6399.420 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16922.150 |
12579.880 |
8275.840 |
|
|
2] Unsecured Loans |
236.350 |
415.280 |
1597.640 |
|
|
TOTAL BORROWING |
17158.500 |
12995.160 |
9873.480 |
|
|
DEFERRED TAX LIABILITIES |
1404.350 |
861.090 |
461.160 |
|
|
|
|
|
|
|
|
TOTAL |
36357.770 |
26498.180 |
16734.060 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15710.520 |
12568.560 |
6911.560 |
|
|
Capital work-in-progress |
4104.610 |
2423.130 |
5139.510 |
|
|
|
|
|
|
|
|
INVESTMENT |
16392.800 |
1059.880 |
1505.670 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11359.500
|
10023.210 |
1869.080 |
|
|
Sundry Debtors |
3159.400
|
1042.650 |
486.400 |
|
|
Cash & Bank Balances |
234.710
|
2102.830 |
133.860 |
|
|
Other Current Assets |
1654.760
|
3930.980 |
1123.170 |
|
|
Loans & Advances |
4966.480
|
2769.610 |
1723.960 |
|
Total
Current Assets |
21374.850
|
19869.280 |
5336.470 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
19028.200
|
8435.260 |
1644.350 |
|
|
Provisions |
2296.570
|
1004.100 |
530.930 |
|
Total
Current Liabilities |
21324.770
|
9439.360 |
2175.280 |
|
|
Net Current Assets |
50.080
|
10429.920 |
3161.190 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
99.760 |
16.690 |
16.130 |
|
|
|
|
|
|
|
|
TOTAL |
36357.770 |
26498.180 |
16734.060 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55111.920 |
22342.170 |
18151.690 |
|
|
|
Other Income |
867.090 |
55.950 |
(0.790) |
|
|
|
TOTAL (A) |
55979.010 |
22398.120 |
18150.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
32550.770 |
18369.200 |
5360.810 |
|
|
|
Cost of traded goods |
15039.870 |
1547.430 |
8048.670 |
|
|
|
Increase / (Decrease) in inventory |
(2529.610) |
(3881.830) |
23.590 |
|
|
|
Personnel Expenses |
575.470 |
459.440 |
341.270 |
|
|
|
Operating and Administrative expenses |
2611.770 |
1899.190 |
1474.200 |
|
|
|
Selling and distribution expenses |
484.250 |
319.650 |
722.750 |
|
|
|
Prior Period Adjustments |
1.520 |
0.000 |
0.000 |
|
|
|
Excess Provision of Depreciation written back |
0.000 |
0.000 |
(182.390) |
|
|
|
TOTAL (B) |
48734.040 |
18713.080 |
15788.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7244.970 |
3685.040 |
2362.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
824.590 |
883.930 |
677.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6420.380 |
2801.110 |
1684.240 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
815.450 |
624.640 |
364.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5604.930 |
2176.470 |
1319.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1504.430 |
741.360 |
391.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
4100.500 |
1435.110 |
927.860 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1129.410 |
685.060 |
326.880 |
|
|
|
|
|
|
|
|
|
Less |
Brought
Forward Loss due to Amalgamation |
38.960 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
500.000 |
500.000 |
|
|
|
Transfer to debenture redemption reserve |
120.000 |
120.000 |
0.000 |
|
|
|
Dividend |
670.380 |
316.900 |
59.560 |
|
|
|
Tax on Dividend |
111.340 |
53.860 |
10.120 |
|
|
BALANCE CARRIED
TO THE B/S |
3289.230 |
1129.410 |
685.060 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7309.800 |
1525.000 |
NA |
|
|
TOTAL EARNINGS |
7309.800 |
1525.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.27 |
4.99 |
-- |
|
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
|
|
31.12.2010 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
11014.000 |
|
Total Expenditure |
|
|
10028.000 |
|
PBIDT (Excl OI) |
|
|
986.000 |
|
Other Income |
|
|
101.000 |
|
Operating Profit |
|
|
1087.000 |
|
Interest |
|
|
418.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
669.000 |
|
Depreciation |
|
|
222.000 |
|
Profit Before Tax |
|
|
447.000 |
|
Tax |
|
|
143.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
304.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
304.00 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2010 |
30.09.2009 |
30.09.2008 |
|
PAT / Total Income |
(%) |
7.33
|
6.41 |
5.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.17
|
9.74 |
7.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.11
|
6.71 |
10.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.17 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
1.77 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
2.10 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The Company
achieved turnover of Rs.55979 Million for the year ended September 30, 2010 as
against Rs. 22398 Million of the previous year, registering a growth of 150%.
EBITDA for the year stood at Rs.7246 Million compared to Rs.3685 Million of the
previous year, a strong growth of 97%. Net profit increased substantially by
186% to Rs.4101 Million from Rs.1435 Million of the previous year.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
|
31.12.2010 Quarter Ended (Unaudited) |
|
Operating Income |
|
|
|
Gross sales / Income from Operations |
|
11213.000 |
|
Less: Excise Duty / Sale Tax recovered |
|
199.000 |
|
a) Net Sales / Income from Operations |
|
11014.000 |
|
b) Other Operating Income |
|
101.000 |
|
Total Operating Income |
|
11115.000 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
|
35.000 |
|
(b) Materials |
|
8907.000 |
|
(c) Employees Cost |
|
201.000 |
|
(d) Other Expenditure |
|
885.000 |
|
Total Expenditure |
|
10028.000 |
|
EBIDTA |
|
1087.000 |
|
Interest |
|
418.000 |
|
Gross Profit after Interest but before Depreciation and Taxation |
|
669.000 |
|
Depreciation |
|
222.000 |
|
Profit Before Tax |
|
447.000 |
|
Provision for Taxation |
|
143.000 |
|
Net Profit/(Loss) after tax |
|
304.000 |
|
Less : Prior Period Adjustments |
|
-- |
|
Profit after prior
period adjustments |
|
304.000 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
|
671.000 |
|
Reserves excluding Revaluation Reserves |
|
17451.000 |
|
Basic and Diluted Exrning Per Share (Rs.) |
|
0.45 |
|
Basic and Diluted Exrning Per Share (Rs.) Not Annualised |
|
0.45 |
|
Public Share
Holding |
|
|
|
Number of Shares |
|
416798465 |
|
Percentage of Shareholding |
|
62.10% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
|
71384740 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
|
28.06% |
|
- Percentage of shares(as a % of the total share capital of the company) |
|
10.64% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
|
182999120 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
|
71.94% |
|
- Percentage of Share (as a % of the total share capital of the company) |
|
27.26% |
SEGMENT – WISE
REVENUE, RESULTS AND ASSETS AS ON 31.12.2010
|
Particulars |
31.12.2010 Quarter Ended |
|
Segment Revenue |
|
|
Sugar |
8368.000 |
|
Trading |
2085.000 |
|
Cogeneration |
725.000 |
|
Ethanol |
378.000 |
|
Other |
6.000 |
|
Total |
11562.000 |
|
Less : Inter Segment Revenue |
548.000 |
|
Net Sales / Income from Operations |
11014.000 |
|
Segment Profit before Tax and Interest |
|
|
Sugar |
758.000 |
|
Trading |
51.000 |
|
Cogeneration |
58.000 |
|
Ethanol |
64.000 |
|
Other |
(1.000) |
|
Total |
930.000 |
|
Unallocated Corporated expenses |
166.000 |
|
Operating Profit |
764.000 |
|
Less: Interest |
418.000 |
|
Other Income |
101.000 |
|
Total Profit Before Tax |
447.000 |
|
Segment Assets |
|
|
Sugar |
31194.000 |
|
Trading |
4977.000 |
|
Cogeneration |
6286.000 |
|
Ethanol |
3706.000 |
|
Other |
68.000 |
|
Unallocable |
21893.000 |
|
Total |
68124.000 |
Notes :
- The above results were subjected to a “limited
review” by the statutory auditors, reviewed by the Audit committee
and approved at the meeting of the Board of Directors held on February 11,
2011.
- The
consolidated financial results include the unaudited results of all
subsidiaries.
- The
financial results of the current quarter ended on December 31, 2010 have
been prepared in accordance with the Indian Accounting Standards.
- During
the quarter, 54 investors’ complaints were received and resolved. No
complaints were pending at the end of quarter.
- During
the quarter 800,325 Equity Shares of Re. 1/- each were alloted to the
employees/ Directors under ESOP Scheme — 1.
- Previous
year’s/period’s figures have been regrouped wherever necessary.
FIXED ASSETS :
- Buildings
- Plant and Machinery
- Furniture and Fittings
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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] 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.44.20 |
|
|
1 |
Rs.72.24 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.