MIRA
INFORM REPORT
|
Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT MULTI GAS BASE CHEMICAL PRIVATE LIMITED |
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Registered
Office : |
Opposite ONGC Colony, Palavasana, Mehsana – 384002, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.01.1989 |
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Com. Reg. No.: |
04-011795 |
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Capital Investment
/ Paid-up Capital : |
Rs.14.003 Millions |
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CIN No.: [Company Identification
No.] |
U24231GJ1989PTC011795 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG02138D |
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PAN No.: [Permanent Account No.] |
AABCG1283D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of various
specialty chemicals in the field of Zeolites, Molecular Sieves, Clays and
Silica and Silicates |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [46] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 514000 |
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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 records.
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Opposite ONGC Colony, Palavasana, Mehsana – 384002, |
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Tel. No.: |
91-2762-225566 / 225577 / 225599 |
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Fax No.: |
91-2762-225544 |
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E-Mail : |
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Branches : |
Located at :
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dashrathbhai Patel |
|
Designation : |
Director |
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Address : |
2223, Mane – Madhav, Drive Hill, |
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DIN : |
00323495 |
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Date of Appointment : |
19.01.1989 |
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|
|
|
Name : |
Mr. Chirag Patel |
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Designation : |
Director |
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Address : |
63, Krishna Society, |
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DIN : |
00323456 |
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Date of Appointment : |
20.06.2004 |
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|
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|
Name : |
Mr. Kamlesh Patel |
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Designation : |
Director |
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Address : |
63, |
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DIN : |
00323518 |
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Date of Appointment : |
20.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kiritbhai Vitthaldas Patel |
|
34500 |
|
Dashrathbhai Patel |
|
224433 |
|
Chirag Patel |
|
115671 |
|
Kamlesh Patel |
|
166251 |
|
Vitthalbhai Madhavdas Patel |
|
157500 |
|
Dahiben Dashrathbhai Patel & Urmilaben Dashrathbhai
Patel |
|
188742 |
|
Harshadkumar Khushaldas Patel |
|
5001 |
|
Indiraben Vitthalbhai Patel |
|
5001 |
|
Kanubhai Jethabhai Patel |
|
5001 |
|
Keshavlal Lakhudas Patel |
|
26401 |
|
Thakor Babuji Kachraji |
|
5001 |
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Gangaram Ambalal Patel |
|
10001 |
|
Ganpatbhai N. Patel |
|
5001 |
|
Rameshbhai Jethabhai Patel |
|
105739 |
|
Vinodkumar Vithalbhai Patel |
|
15893 |
|
Mathurbhai Mohandas Patel |
|
1 |
|
Narottambhai Shivaramdas Patel |
|
1 |
|
Prabhudas Mohandas Patel |
|
1 |
|
Ramjibhai Mohandas Patel |
|
1 |
|
Somabhai Mulchanddas Patel |
|
1 |
|
Truptiben Vinodkumar Patel |
|
1 |
|
Shri Govindbhai Vitthaldas Patel (Huf) |
|
70265 |
|
Shri Dashrathbhai Vitthaldas Patel (Huf) |
|
84383 |
|
Miss Urmilaben D. Patel |
|
30529 |
|
Shri Vinodbhai Vithaldas (Huf) |
|
49578 |
|
Artiben Kamleshbhai |
|
20000 |
|
Avaniben Chiragbhai |
|
75400 |
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Total |
|
1400297 |
As on 30.09.2010
|
Category |
Percentage |
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|
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Directors or relatives of Directors |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of various
specialty chemicals in the field of Zeolites, Molecular Sieves, Clays and
Silica and Silicates |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rangani and Patel Chartered Accountant |
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Address : |
22,Swastik Chambers, Navjivan Press Lane, Income Tax, Ashram Road,
Ahmedabad – 380014, |
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Tel. No.: |
91-79-27542491 / 30082491-95 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.10/-each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,400,297 |
Equity Shares |
Rs.10/-each |
Rs.14.003 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.003 |
14.003 |
14.003 |
|
|
2] Share Application Money |
0.130 |
0.130 |
0.130 |
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3] Reserves & Surplus |
114.445 |
83.701 |
61.408 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
128.578 |
97.834 |
75.541 |
|
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LOAN FUNDS |
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|
1] Secured Loans |
80.390 |
101.811 |
116.272 |
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2] Unsecured Loans |
13.487 |
17.841 |
24.774 |
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TOTAL BORROWING |
93.877 |
119.652 |
141.046 |
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DEFERRED TAX LIABILITIES |
32.478 |
28.353 |
17.992 |
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TOTAL |
254.933 |
245.839 |
234.579 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
214.975 |
217.164 |
204.142 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
10.122
|
8.675 |
11.837 |
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Sundry Debtors |
61.702
|
43.702 |
35.552 |
|
|
Cash & Bank Balances |
0.467
|
0.254 |
0.613 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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|
Loans & Advances |
10.572
|
17.713 |
10.436 |
|
Total
Current Assets |
82.863
|
70.344 |
58.438 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
29.471
|
27.665 |
21.872 |
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Other Current Liabilities |
1.949 |
1.262 |
1.794 |
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Provisions |
11.660
|
12.935 |
4.547 |
|
Total
Current Liabilities |
43.080
|
41.862 |
28.213 |
|
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Net Current Assets |
39.783
|
28.482 |
30.225 |
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MISCELLANEOUS EXPENSES |
0.075 |
0.093 |
0.112 |
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TOTAL |
254.933 |
245.839 |
234.579 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
336.184 |
284.316 |
186.903 |
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DEPRECIATION |
14.144 |
11.215 |
6.536 |
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PROFIT BEFORE
TAX |
30.743 |
22.293 |
26.300 |
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PROVISION FOR
TAXATION |
11.660 |
5.589 |
4.462 |
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PROFIT AFTER TAX |
19.083 |
16.704 |
21.838 |
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EARNINGS IN
FOREIGN CURRENCY |
69.467 |
64.548 |
32.500 |
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IMPORTS |
-- |
1.391 |
3.855 |
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Earnings Per
Share (Rs.) |
21.96 |
15.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.68
|
5.87 |
11.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.14
|
7.84 |
14.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.32
|
7.75 |
10.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.23 |
0.35 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
1.65 |
2.24 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.68 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Financial High Lights
:-
The company had filed an application before honb’le settlement commission for final assessment of proceeding U/s.132. The application has been admitted by the honourable settlement commission. The company has also paid the admitted tax liability in time.
During the year company has generated Income of Rs.6.776 million from Wind Mill generated units for Captive Consumption of Electricity. This will enhance company’s profitability in the coming year as it will provide hedging against increase in electricity price by government.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24231GJ1989PTC011795 |
|
Name of the
company |
GUJARAT MULTI GAS
BASE CHEMICAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Opp ONGC Colony,
Palavasana, Mensana – 384002, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90096288 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank Of |
|
Nature of
instrument creating charge |
(1) hypothecation
cum loan agreement dated 28.03.2011 (2) supplement
memorandum of deposit of title deeds dated 28.03.2011 (3) general
counter-guarantee and indemnity covering several guarantees within the
sanction limit dated 28.03.2011 (4) term loan
agreement-1 dated 28.03.2011 (5) term loan agreement-2 dated 28.03.2011 (6) supplemental
term loan agreement when there is change in repayment schedule-1 and 2 dated
28.03.2011 |
|
Date of
instrument Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs.449.300
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- (1) term loan-4% over base rate minimum 13.50% per annum with monthly rests
(2) cash credit - 3.5% over base rate minimum 13% Terms of Repayment
- as per hypothecation cum loan agreement dated 28.03.2011 Margin – (1) term
loan-29.23% (2) term loan -
25% (3) cash credit-
25% of stock and 40% book debt Extent and
Operation of the charge - as per the hypothecation
agreement dated 28.03.2011 and supplemental memorandum of deposit of title
deeds dated 28.03.2011 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
As per
supplemental memorandum of deposit of title deeds dated 28.03.2011. |
|
Date of
instrument modifying the charge |
30.07.2010 |
|
Particulars of
the present modification |
As per
hypothecation cum loan agreement dated 28.03.2011 and supplemental memorandum
of deposit of title deeds dated 28.03.2011. |
FIXED ASSETS :
- Land and Land Development
- Air Conditioner
- Air Cooler
- C.C.T.V.
- Computer
- Computer and Printer
- Cycle
- Electrical Installation
- Factory and Building
- Fax Machine
- Furniture and Fixture
- Indica
- Laboratory Equipments
- LML Scooter
- Mobile Telephone Instruments
- Multimedia Projector
- Plant and Machinery
- Refrigerator
- Reverse Osmosis Water Systems
- Road
- Sewing Machine
- Sony Handycamera
- Sony LCD T.V.
- Sony Recorder
- Staff Bus
- Sunny Zip
- Tata Indica Die
- Tea - Coffee Maker Machine
- Tele. Intercom Service
- Tube Well
- Vehicles
- Water Cooler
- Water tank
- Wind Mill
- Xerox Machine
- Time and
Attendance Systems
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.45.17 |
|
|
1 |
Rs.73.71 |
|
Euro |
1 |
Rs.64.25 |
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 |
5 |
|
--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 |
|
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.