MIRA INFORM REPORT
|
Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
CORPORATE ISPAT ALLOYS LIMITED (w.e.f.30.03.1993) |
|
|
|
|
Formally Known As : |
CORPORATE ISPAT ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
601, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
26.02.1988 |
|
|
|
|
Com. Reg. No.: |
11-046343 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27110MH1988PLC046343 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NGPC00598D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC8109R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Ferro Alloys |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 55000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General financial
position is good. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for 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 : |
601, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
Tel. No.: |
91-22-42137300 |
|
Fax No.: |
91-22-42137303 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1: |
Jayaswals Neco Limited, Siltara, |
|
|
|
|
Corporate Office 2: |
Degual, |
|
Tel. No.: |
91-343-2553676 |
|
Fax No.: |
91-343-2554676 |
|
|
|
|
Factory : |
F – 8, MIDC Industrial Area, |
|
Tel. No.: |
91-7104-237471 |
|
Fax No.: |
91-7104-235255 |
DIRECTORS
As On : 13.08.2010
|
Name : |
Mr. Manoj Jayaswal |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Usha Sadan, 246, PT R. S. S. Marg, Civil Lines, |
|
Date of Birth/Age : |
25.03.1955 |
|
Date of Appointment : |
26.02.1988 |
|
DIN No : |
00127254 |
|
|
|
|
Name : |
Mr. Abhijeet Jayaswal |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT R. S. S. Marg, Civil Lines, |
|
Date of Birth/Age : |
20.07.1981 |
|
Date of Appointment : |
07.09.2009 |
|
DIN No : |
01790531 |
|
|
|
|
Name : |
Mr. Abhishek M. Jayaswal |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT R. S. S. Marg, Civil Lines, |
|
Date of Birth/Age : |
10.04.1978 |
|
Date of Appointment : |
22.12.2003 |
|
DIN No : |
00191841 |
|
|
|
|
Name : |
Mr. Malay Kar |
|
Designation : |
Managing Director |
|
Address : |
37B, Kailash Bose Street, Calcutta Municipal Corpor, Amherst Street, Kolkatta-700006,
West Bengal, India |
|
Date of Birth/Age : |
23.04.1953 |
|
Date of Appointment : |
14.07.2010 |
|
DIN No : |
03196457 |
|
|
|
|
Name : |
Mr. Dr. V. S. Garg |
|
Designation : |
Director |
|
Address : |
23, Indra Sagar Apartment, Civil Lines, |
|
Date of Birth/Age : |
31.08.1955 |
|
Date of Appointment : |
27.12.2004 |
|
DIN No : |
00535912 |
|
|
|
|
Name : |
Mr. Prakash Jayaswal |
|
Designation : |
Director |
|
Address : |
Nehru Nagar, Bhilai, Durg, |
|
Date of Birth/Age : |
11.08.1960 |
|
Date of Appointment : |
20.01.1995 |
|
DIN No : |
01093086 |
|
|
|
|
Name : |
Mr. Manmohan Singh Kapur |
|
Designation : |
Director |
|
Address : |
C – 15/A, 1st Floor, Janagpur Extension, |
|
Date of Birth/Age : |
10.03.1966 |
|
Date of Appointment : |
16.12.2006 |
|
DIN No : |
00703815 |
|
|
|
|
Name : |
Mr. Rajendra M. Ganatra |
|
Designation : |
Director |
|
Address : |
201, Sanskruti, |
|
Date of Birth/Age : |
16.10.1955 |
|
Date of Appointment : |
06.08.2007 |
|
DIN No : |
01833475 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.08.2010 @ 2/-
|
Names of Shareholders |
|
No. of Shares |
|
Manoj Jayaswal |
|
4681050 |
|
Manisha Jayaswal |
|
263600 |
|
Abhishek Jayaswal |
|
2575650 |
|
Abhijeet Jayaswal |
|
2312100 |
|
Abhijeet Mining Limited, India |
|
17936 |
|
Abhijeet Ventures Limited (Faormally Known as “Parichey Power
Limited”) |
|
10412392 |
|
Sonal Jayaswal |
|
100 |
|
Total |
|
20262828 |
AS ON 13.08.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
51.46 |
|
Directors or relatives of directors |
|
48.53 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ferro Alloys |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As On : 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Processed of C. I. Scrap |
M.T. (Per Annuam) |
100000 |
65 |
|
Ferro Alloys |
M.T. (Per Annuam) |
58275 |
24088 |
|
Steel |
M.T. |
250000 |
-- |
|
Hot Rolled Coils and Plates |
M. T. |
-- |
12785 |
|
Slabs |
M. T. |
-- |
794 |
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes :
a)
Rs.91.311 millions (Previous Year Rs.115.235
millions) by way of mortgage of immovable properties of the Company both
present and future and hypothecation of all movable properties of the Company
situated at 8, Small
Industrial Area, Degaul Avenue, Durgapur (West Bengal), Thanod Road, Anjora
and Light Industrial Area, Bhiiai except its book debts. b)
Rs.1259.105 millions (Previous Year Rs.1096.881
millions) by way of mortgage of immovable properties of the Company both
present and future and hypothecation of all movable properties of the Company
situated at Steel Division at Siltara Growth Centre. Siltara, Raipur
(Chhattisgarh) except book debts. c)
Rs.186.236 millions (Previous Year Rs.186.271
millions) by way of First pari-passu charge on the Fixed Assets of the
Company both present and future which have been procured out of the sald loan
including Plant and Machinery of the Company situated at 6. Small Industrial
Area Degaul Avenue, Durgapur. d)
Rs.742.120 millions (Previous Year Rs.710.345
millions) by way of First pari-passu charge on the Fixed Assets of the Company
both present and future procured out of the said loan including Plant and
Machinery of the Power Plant of the Company situated at Small Industrial
Area, Degaul Avenue, Durgapur and are further secured collaterally by
hypothecation of all the current assets of the Power Plant and mortgage of
immovable properties of the Company at its Ferro Alloys Division, Durgapur
and Scrap Processing Division, Anjora ranking next to the mortgage charge of
term lenders for their Term Loans. e)
Rs.22.005 millions (Previous Year Rs.22.240
millions) are secured by way of hypothecation of immovable property located
at 601, Tulsiani Chambers, Mumbai. f)
Rs.2.225 millions (Previous Year Nil) by the
hypothecation of the specific equipments financed.
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountant |
|
Address : |
912-913, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
|
|
|
Name : |
Agarwal Chhallani and Company Chartered Accountant |
|
Address : |
51, New Colony, |
|
|
|
|
Subsidiaries : |
Corporate Power Limited CIN No : U27106WB2006PLC150110 |
|
|
|
|
Associates : |
Abhijeet Infra Limited |
|
|
|
|
Related Party : |
|
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs. 2/- each |
Rs. 70.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20262828 |
Equity Shares |
Rs. 2/- each |
Rs. 40.526
millions |
|
|
|
|
|
Notes : As approved by the members at the Extra
Ordinary General Meeting held on 24th March 2010, each Equity Share
of Rs. 10/- has been subdivided into 5 Equity Shares of Rs.2/- each.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.526 |
35.385 |
28.640 |
|
|
2] Share Application Money |
0.000 |
295.300 |
674.500 |
|
|
3] Reserves & Surplus |
13686.182 |
11881.576 |
2164.665 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13726.708 |
12212.261 |
2867.805 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4001.406 |
3595.419 |
2723.142 |
|
|
2] Unsecured Loans |
1330.862 |
974.525 |
0.000 |
|
|
TOTAL BORROWING |
5332.268 |
4569.944 |
2723.142 |
|
|
DEFERRED TAX LIABILITIES |
214.533 |
112.547 |
144.631 |
|
|
|
|
|
|
|
|
TOTAL |
19273.509 |
16894.752 |
5735.578 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4211.235 |
1030.657 |
1639.183 |
|
|
Capital work-in-progress |
12125.308 |
13492.432 |
2877.898 |
|
|
|
|
|
|
|
|
INVESTMENT |
18.340 |
6.651 |
8.016 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1584.964
|
2286.750 |
299.981
|
|
|
Sundry Debtors |
716.932
|
651.778 |
298.315
|
|
|
Cash & Bank Balances |
212.778
|
297.907 |
223.558
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
1998.055
|
1599.450 |
1404.659
|
|
Total
Current Assets |
4512.729
|
4835.885 |
2226.513 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1392.449
|
2013.527 |
400.822 |
|
|
Other Current Liabilities |
104.007
|
268.934 |
361.911
|
|
|
Provisions |
99.302
|
191.722 |
258.265
|
|
Total
Current Liabilities |
1595.758
|
2474.183 |
1020.998
|
|
|
Net Current Assets |
2916.971
|
2361.702 |
1205.515
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.655 |
3.310 |
4.966 |
|
|
|
|
|
|
|
|
TOTAL |
19273.509 |
16894.752 |
5735.578 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3271.927 |
2538.750 |
3040.996 |
|
|
|
Other Income |
313.855 |
92.296 |
103.342 |
|
|
|
TOTAL
(A) |
3585.782 |
2631.046 |
3144.338 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
923.542 |
1233.365 |
574.958 |
|
|
|
Purchases of Traded Goods |
477.887 |
508.361 |
1192.130 |
|
|
|
Manufacturing Expenses |
717.076 |
513.857 |
366.446 |
|
|
|
Increase/(Decrease) in Finished Goods |
265.695 |
(357.778) |
62.444 |
|
|
|
Employees Remuneration |
149.894 |
80.589 |
84.082 |
|
|
|
Administrative, Selling and Other Expenses |
126.017 |
118.025 |
131.086 |
|
|
|
TOTAL (B) |
2660.111 |
2096.419 |
2411.146 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
925.671 |
534.627 |
733.192 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
495.946 |
302.241 |
147.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
429.725 |
232.386 |
585.909 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.397 |
38.288 |
75.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
299.328 |
194.098 |
510.570 |
|
|
|
|
|
|
|
|
|
|
Profit before
tax from continuing operation |
306.542 |
193.290 |
450.165 |
|
|
Less |
TAX |
23.854 |
(5.392) |
118.882 |
|
|
|
|
|
|
|
|
|
Less |
Profit before
tax Demerged Operation |
(7.214) |
(0.808) |
(60.405) |
|
|
Less |
TAX |
78.132 |
69.142 |
58.735 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
197.342 |
130.348 |
332.953 |
|
|
Less |
Income Tax of
Earlier Years |
(5.641) |
(0.763) |
0.000 |
|
|
Less |
Prior Period
Items |
(1.261) |
(1.480) |
(0.843) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
739.778 |
630.173 |
331.063 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
18.500 |
33.000 |
|
|
BALANCE CARRIED
TO THE B/S |
915.218 |
739.778 |
630.173 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
227.284 |
851.003 |
NA |
|
|
|
Other Earnings |
2.121 |
5.845 |
NA |
|
|
TOTAL EARNINGS |
229.405 |
856.848 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
188.470 |
250.605 |
NA |
|
|
|
Stores & Spares |
22.897 |
5.972 |
NA |
|
|
|
Capital Goods |
0.000 |
11.937 |
NA |
|
|
TOTAL IMPORTS |
211.367 |
268.514 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.76 |
39.26 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.50
|
4.95 |
10.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.15
|
7.65 |
16.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.43
|
3.31 |
13.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.59 |
1.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
1.95 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 39, Ambazari Layout, Nagpur-440010,
Maharashtra, India to the present address w.e.f. 26.09.2009
OPERATIONAL AND
FINANCIAL OVERVIEW
The sales and operating income increased to Rs. 3321.020 millions from
Rs. 2988.824 millions, during the year, yielding a growth of 11.11%. the
operating profit for the years increased to Rs. 300.229 millions as against Rs.
194.098 millions in the previous year registering a growth of 54.67%. The
profit after tax for the year increased to Rs. 269.185 millions as against Rs.
130.348 millions. The higher turnover has been achieved due to higher
realization value for Ferro Alloys as well as higher production and sales of
Hot rolled colls.
The management also takes pleasure in announcing that the 25MW Thermal
power Plant has been commissioned and has commenced power sales.
The Board during the year has decided to demerge the Hot rolled coils
division based at Siltara Growth Centre and merge with Jayaswal Neco Industries
Limited purely based on techno commercial reasons.
PROJECTS
The company has taken steps for commissioning three projects of a
Capital nature during the year :
- Development of 0.4 MTP DRI and 40MW
Power Plant – Sariakela in Jharkhand
- Development of 10 MW Biomass Project –
Durgapur in West Bengal
- Development of Captive Coal nine at
Chittarpur block with capacity of 3.45 MTPA-Chandwa in Jharkhand.
FORM 8
|
Corporate identity
number of the company |
U27110MH1988PLC046343 |
|
Name of the
company |
CORPORATE
ISPAT ALLOYS LIMITED |
|
Address of the
registered office or of the principal place of business in |
601, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank Limited, Maker Towers-F, 6th Floor, Cuffe Parade,
Colaba, Mumbai-400005, Maharashtra, India |
|
Nature of
instrument creating charge |
Indenture
of Mortgage dated December 3, 2010 (copy whereof is attached as Annexure A
hereto) executed by the Company in favour of Axis Bank Limited, acting as
Security Trustee on behalf and for the benefit of the Lenders (specified in
the list of charge holders attached as Annexure B hereto) for securing the
term loans of Rs. 3290.000 millions and all other amounts payable under and
in terms of the financing documents. |
|
Date of
instrument Creating the charge |
03.12.2010 |
|
Amount secured by
the charge |
Rs. 3290.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As
stipulated in Annexure C hereto Terms of
repayment The
principal amounts of the Loan to each of the Lenders is to be repaid in 42 unequal
quarterly installments on the first day of each quarter as per the
Amortisation Schedule, commencing from 1st April, 2013 , such that the total
door-to-door tenor (from the Initial Drawdown to the date of repayment of the
last Repayment Installment) does not exceed 13 (thirteen) years and 6 (six)
months Margin The
ratio of the Loans to the Equity Contributions towards Project Equity Capital
shall not on any date during the Availability Period be greater than 70:30. DSCR
of 1.20 Extent and operation
of the charge First
Pari Passu charge on the immovable properties, movable properties and other
assets more specifically mentioned under attached Indenture of Mortgage for
the due repayment by the Company of the Loans together with payment of all
interest, additional interest, liquidated damages, premium on prepayment,
reimbursement of all costs, charges and expenses
and all other amounts payable by the Company in respect of the Loans in
accordance with the terms and conditions of the Finance Documents. |
FIXED ASSETS:
- Factory
- Plant and
Machinery
- Office
Equipment
- Computers
- Furniture and
Fixture
- 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] 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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
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.