MIRA
INFORM REPORT
|
Report Date : |
29.04.2011 |
Note:
The registered office of the company has been shifted from
39/40, No.15, Annapoorneshwari
Industrial Area, Doddakalla-Sandra,
IDENTIFICATION DETAILS
|
Name : |
PROPACK SHREINER PRIVATE LIMITED |
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|
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Registered
Office : |
Sy.No.21/5, (# 1482/1), Thalgatpura, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.11.1994 |
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Com. Reg. No.: |
08-016591 |
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CIN No.: [Company Identification
No.] |
U51909KA1994PTC016591 |
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|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRP03523C |
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PAN No.: [Permanent Account No.] |
AABCP0268K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Graphic Printed Vinyl Sides and Polycarbonate Headers for Bottle
Coolers, Refrigerators, Chest Coolers. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 163000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh Kumar Bagrecha |
|
Designation : |
Director |
|
Contact No.: |
91-80-28425535 |
|
Date : |
28.04.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Sy.No.21/5, (# 1482/1), Thalgatpura, |
|
Tel. No.: |
91-80-28425535/ 26667477/ 26664053 |
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Fax No.: |
91-80-28425637 |
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E-Mail : |
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Website : |
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Area : |
5000 sq ft |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ramesh Kumar Utsavlal Bagrecha |
|
Designation : |
Managing Director |
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Address : |
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|
Date of Birth/Age : |
18.03.1968 |
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Date of Appointment : |
06.08.1997 |
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DIN No.: |
00634124 |
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|
|
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Name : |
Mr. Mukesh Kumar Utsavlal Bagrecha |
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Designation : |
Director |
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Address : |
No.100/8, |
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Date of Birth/Age : |
11.04.1971 |
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Date of Appointment : |
22.11.1994 |
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DIN No.: |
02833505 |
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Name : |
Mr. Utsavlal Ghewarchand Bagrecha |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.11.1944 |
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Date of Appointment : |
06.08.1997 |
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Name : |
Mr. Gowrishankar Bopanna Rajashekar |
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Designation : |
Whole-Time Director |
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Address : |
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Date of Birth/Age : |
24.07.1964 |
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Date of Ceasing : |
16.07.2009 |
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DIN No.: |
00706075 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sangeetha Bagrecha |
|
1500 |
|
Utsavlal Bagrecha |
|
750 |
|
Utsavlal Bagrecha (HUF) |
|
3500 |
|
Monica Bagrecha |
|
1000 |
|
Ramesh Bagrecha |
|
19725 |
|
Suresh Bagrecha |
|
2000 |
|
Mukesh Bagrecha |
|
1000 |
|
Saraswati Devi |
|
1800 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Graphic Printed Vinyl Sides and Polycarbonate Headers for
Bottle Coolers, Refrigerators, Chest Coolers. |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days) |
GENERAL INFORMATION
|
Suppliers : |
·
3M
India Limited ·
Acrytech ·
Active
Die Makers ·
Ajit
Industries Private Limited ·
Ninth
Avenue Industries Private Limited ·
Knowell
Corporation ·
Avery
Demison ( ·
Srinivas
Fine Arts Limited ·
Universal
Print Systems Limited ·
Zenith
Die Makers ·
Snab
Graphics India Private Limited ·
Sri
Kala Enterprises ·
R.S.
Graphics ·
URL
Enterprises |
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Customers : |
End Users and OEM’s
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
Cash Credit – Rs.22.000 millions
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sharma and Pagaria Chartered Accountants |
|
Address : |
No.8, IV Floor, Laxmi Complex, No.40, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30825 |
Equity Shares |
Rs.100/- each |
Rs.3.083
millions |
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|
|
|
|
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 |
3.083 |
3.083 |
1.443 |
|
|
2] Share Application Money |
0.075 |
1.190 |
15.790 |
|
|
3] Reserves & Surplus |
37.611 |
36.368 |
4.783 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
40.769 |
40.641 |
22.016 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.380 |
13.105 |
9.849 |
|
|
2] Unsecured Loans |
0.000 |
0.834 |
1.044 |
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|
TOTAL BORROWING |
10.380 |
13.939 |
10.893 |
|
|
DEFERRED TAX LIABILITIES |
0.130 |
0.378 |
0.472 |
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|
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TOTAL |
51.279 |
54.958 |
33.381 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.279 |
9.874 |
11.029 |
|
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Capital work-in-progress |
2.817 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.150 |
0.000 |
7.325 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.789
|
4.524 |
3.960 |
|
|
Sundry Debtors |
33.297
|
31.804 |
24.750 |
|
|
Cash & Bank Balances |
2.384
|
6.127 |
1.155 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans, Advances and Deposits |
9.642
|
15.081 |
1.924 |
|
Total
Current Assets |
48.112
|
57.536 |
31.789 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.449 |
10.225 |
15.293 |
|
|
Other Current Liabilities |
1.628
|
1.634 |
1.469 |
|
|
Provisions |
0.002
|
0.593 |
0.000 |
|
Total
Current Liabilities |
12.079
|
12.452 |
16.762 |
|
|
Net Current Assets |
36.033
|
45.084 |
15.027 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
51.279 |
54.958 |
33.381 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
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Income |
72.770 |
65.145 |
44.994 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
72.770 |
65.145 |
44.994 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
70.066 |
62.543 |
42.365 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
70.066 |
62.543 |
42.365 |
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.704 |
2.602 |
2.629 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.390 |
1.679 |
1.996 |
|
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|
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|
|
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|
|
PROFIT BEFORE
TAX |
1.314 |
0.923 |
0.633 |
|
|
|
|
|
|
|
|
|
|
TAX |
0.071 |
0.498 |
0.498 |
|
|
|
|
|
|
|
|
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PROFIT AFTER TAX
|
1.243 |
0.425 |
0.135 |
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
EARNINGS |
3.633 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
EXPENDITURE |
19.518 |
6.709 |
4.231 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.33 |
13.77 |
NA |
|
|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
80.000 |
Expected Sales (2011-2012): Rs.100.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.71
|
0.65 |
0.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.18
|
1.37 |
1.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.65 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.98
|
4.62 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors: |
|
|
|
|
Sundry Creditors for
Expenses |
12.283 |
|
15.293 |
|
Less: Advances to
Creditors |
1.834 |
0.000 |
|
|
|
10.449 |
10.225 |
15.293 |
Details of Sundry Creditors: (Partial
Details)
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors: |
|
|
|
|
Sundry Creditors
for Expenses |
|
|
|
|
3M India Limited |
0.127 |
0.015 |
NA |
|
Acrytech |
0.013 |
0.006 |
NA |
|
Active Die Makers
|
0.011 |
0.000 |
NA |
|
Ajit Industries Private
Limited |
0.000 |
0.024 |
NA |
|
Ninth Avenue
Industries Private Limited |
2.106 |
5.951 |
NA |
|
Knowell
Corporation |
0.051 |
0.115 |
NA |
|
Avery Demison ( |
0.505 |
0.000 |
NA |
|
Srinivas Fine
Arts Limited |
0.135 |
0.446 |
NA |
|
Universal Print
Systems Limited |
0.037 |
0.159 |
NA |
|
Zenith Die Makers
|
0.023 |
0.043 |
NA |
FORM 8:
|
Corporate
identity number of the company |
U51909KA1994PTC016591 |
|
Name of the
company |
PROPACK SHREINER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sy. No.21/5, Thalgatpura, E-Mail: ramesh@propack.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Axis Bank Limited, Credit Management Centre, No.41, 1st
Floor, E-Mail: dolagovinda.mishra@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
1) Deed of hypothecation
of current assets (stocks and book debts) 2) Sanction
Letter |
|
Date of
instrument Creating the charge |
23/02/2010 |
|
Amount secured by
the charge |
Rs.22.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per sanction
letter Terms of
Repayment: As per sanction
letter Margin: As per sanction
letter Extent and
Operation of the charge: To cover loan
amount plus costs, expenses, interest and other incidentals Others: nature of the
facility: 1) CC - Rs.14.000
millions 2) LC (Inland /
Import) - Rs.8.000 millions |
|
Short particulars
of the property charged |
Hypothecation of entire
current assets of company and goods procured under LC |
TRADE REFERENCES:
·
Hai Kawa Industries (Private) Limited
·
TVS Motors Company Limited, Hosur
·
Hindustan Coca Cola Beverages Private Limited,
FIXED ASSETS:
·
Computer
·
Land
·
Building
·
Furniture
·
Plant and Machinery
·
Air Conditioner
·
Weighing Machine
·
Vehicles
·
Office Equipments
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.44.33 |
|
|
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
45 |
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.