MIRA
INFORM REPORT
|
Report Date : |
17.02.2011 |
Note: Correct name of the company is Harvel Agua
India Private Limited
IDENTIFICATION DETAILS
|
Name : |
HARVEL AGUA INDIA PRIVATE LIMITED |
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Registered
Office : |
304, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.08.2006 |
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Com. Reg. No.: |
55-151601 |
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CIN No.: [Company Identification
No.] |
U01407DL2006PTC151601 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELH05957A |
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PAN No.: [Permanent Account No.] |
AABCH7406H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing irrigation engineering services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Sangeeta |
|
Designation : |
Accounts Department |
|
Date : |
16.02.2011 |
LOCATIONS
|
Registered Office : |
304, |
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Tel. No.: |
91-11-46224444/26485365/23379477 |
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Fax No.: |
91-11-26464819 |
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E-Mail : |
DIRECTORS
As on 22.09.2010
|
Name : |
Mr. Kamal Kumar Oswal |
|
Designation : |
Director |
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Address : |
D-35, Deffence Colony, New Delhi-110024, |
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Date of Birth/Age : |
24.1.1946 |
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Date of Appointment : |
04.08.2006 |
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|
Name : |
Mr. Primal Oswal |
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Designation : |
Director |
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Address : |
10, Sadhna Enclave, New Delhi-110017, |
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Date of Birth/Age : |
02.09.1956 |
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Date of Appointment : |
04.08.2006 |
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Name : |
Mr. Jose Tomas Perez Olivares |
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Designation : |
Director |
|
Address : |
Urbanizacion Los Romeros Calle B No. 31, 30565 Las Torres |
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Date of Birth/Age : |
13.05.1960 |
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Date of Appointment : |
16.11.2007 |
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Name : |
Mr. Ramon Jesus Hernandez Alcaraz |
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Designation : |
Director |
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Address : |
Calle Sierra De Carrascoy 30500 |
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Date of Birth/Age : |
31.10.1967 |
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Date of Appointment : |
16.11.2007 |
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Name : |
Mr. Vicente Balibrea Fernandez |
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Designation : |
Alternate Director |
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Address : |
Plaza, Castelllini, 1, 5 A, 30201, |
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Date of Birth/Age : |
22.06.1975 |
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Date of Appointment : |
09.12.2007 |
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Date of Ceasing: |
20.01.2010 |
KEY EXECUTIVES
|
Name : |
Ms. Sangeeta |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Harvel Irrigations Private Limited, |
|
1346800 |
|
Primal Oswal |
|
577200 |
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Sistema Azud S.A, |
|
1924000 |
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|
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Total |
|
3848000 |
As on 22.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
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Bodies
corporate |
|
35.00 |
|
Directors
or relatives of directors |
|
15.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing irrigation engineering services. |
GENERAL INFORMATION
|
No. of Employees : |
250 (Approximately) |
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Bankers : |
Syndicate Bank, 59, Shakuntla Apartment, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharad Jain Associates Chartered Accountant |
|
Address : |
213, Hans Bhawan, 1, Bhahdurshah Zafar Marg, New Delhi-110002, |
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Tel. No.: |
91-11-23379477/23379588 |
CAPITAL STRUCTURE
As on 22.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3848000 |
Equity Shares |
Rs.10/- each |
Rs.38.480
Millions |
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 |
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|
|
|
|
1] Share Capital |
38.480 |
36.980 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.968 |
1.841 |
0.957 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
45.448 |
38.821 |
20.957 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
100.777 |
43.635 |
0.00 |
|
|
2] Unsecured Loans |
11.590 |
11.590 |
3.000 |
|
|
TOTAL BORROWING |
112.367 |
55.225 |
3.000 |
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|
DEFERRED TAX LIABILITIES |
2.050 |
1.689 |
0.000 |
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|
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|
|
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TOTAL |
159.865 |
95.735 |
23.957 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
79.202 |
67.654 |
9.058 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
61.394
|
28.960 |
9.888 |
|
|
Sundry Debtors |
63.554
|
41.073 |
29.771 |
|
|
Cash & Bank Balances |
13.090
|
8.575 |
2.603 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.673
|
6.374 |
1.349 |
|
Total
Current Assets |
145.711
|
84.982 |
43.611 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47.899
|
44.189 |
22.765 |
|
|
Other Current Liabilities |
17.341
|
12.977 |
6.144 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
65.240
|
57.166 |
28.909 |
|
|
Net Current Assets |
80.471
|
27.816 |
14.702 |
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MISCELLANEOUS EXPENSES |
0.192 |
0.265 |
0.197 |
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|
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|
|
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TOTAL |
159.865 |
95.735 |
23.957 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
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|
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Income |
235.453 |
107.287 |
61.291 |
|
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Other Income |
4.078 |
1.421 |
0.623 |
|
|
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TOTAL (A) |
239.531 |
108.708 |
61.914 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
246.614 |
123.235 |
66.336 |
|
|
|
Accretion / (Decrease in Stocks) |
(32.435) |
(19.071) |
(7.182) |
|
|
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TOTAL (B) |
214.179 |
104.164 |
59.154 |
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.352 |
4.544 |
2.760 |
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.007 |
1.462 |
0.432 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.345 |
3.082 |
2.328 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.033 |
0.253 |
0.027 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.312 |
2.829 |
2.301 |
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|
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Less |
TAX (H) |
1.185 |
1.917 |
0.599 |
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PROFIT AFTER TAX
(G-H) (I) |
5.127 |
0.912 |
1.702 |
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IMPORTS |
41.078 |
NA |
NA |
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|
|
|
|
|
Earnings Per
Share (Rs.) |
1.46 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.14
|
0.84 |
2.75 |
|
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.68
|
2.64 |
3.75 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.81
|
1.85 |
4.37 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.07 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.91
|
2.90 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
1.49 |
1.51 |
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 |
47.899
|
44.189 |
22.765 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U01407DL2006PTC151601 |
|
Name of the
company |
HARVEL AGUA INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
304, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Others |
|
Particular of
charge holder |
Syndicate Bank, 59, Shakuntla Apartment, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement ( ASD-4) |
|
Date of
instrument Creating the charge |
24.07.2009 |
|
Amount secured by
the charge |
Rs.70.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR+1.25% ( as applicable to trading activity
presently undertaking by company ) presently effective @ 13.25% p.a. on
monthly rest or such other rate(s) specified by the bank from time to time . Terms of
Repayment On demand Margin Cash Credit :-
Stocks -25% and Book-debts - 40% FLC -25% ( Cash
margin ) BG -15% ( Cash
margin ) Extent and
Operation of the charge 100% first
exclusive charge Others The above is to
secure following working capital facilities:- SOD of Rs.50.000
Millions FLC of Rs. 10.000
Millions BG of Rs. 10.000 Millions Total Rs.70.000
Millions |
|
Short particulars
of the property charged |
I)
First
hypothecation charge on all the any kind of stocks and movables lying at co's factory premises ,
godowns or anywhere else including those in transit also and domestic
book-debts and receivables II)
Both
present and future. Hypothecation charge on all the stocks received under FLC
both present and future. III)
First
charge on all the current assets of the company both present and future. |
Fixed Assets:
- Computer / Lap Top
- Furniture and Fixtures
- Car
- Building WIP
- Printer
- Air Conditioner
- Machinery
- Electric Supply Panel
- Tools and 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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.