MIRA
INFORM REPORT
|
Report Date : |
19.02.2011 |
Note:
The correct name of the company is Innovative Prosthetics and Orthotics
Private Limited.
IDENTIFICATION DETAILS
|
Name : |
INNOVATIVE PROSTHETICS AND ORTHOTICS PRIVATE LIMITED |
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Registered
Office : |
B - 30, DSIDC Complex, Patparganj Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
12.05.2008 |
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Com. Reg. No.: |
55-177963 |
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CIN No.: [Company Identification
No.] |
U85110DL2008PTC177963 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELI06936G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Prosthetics and Orthotics Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and yet to establish itself
gradually. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
B - 30, DSIDC Complex, Patparganj Industrial Area, |
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Tel. No.: |
91-11-43092858/ 43092886 |
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Fax No.: |
91-11-43092859 |
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E-Mail : |
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Website : |
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Overseas Office : |
Innovative Prosthetics and Orthotics |
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E-Mail : |
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Branch Office : |
Located at: ·
·
·
Noida ·
Panchkula ·
|
DIRECTORS
As on 25.09.2009
|
Name : |
Mr. Ashvini |
|
Designation : |
Chairman |
|
Address : |
A-002E8, Sector
61, Krishna Apra Residency, Noida – 201 307, |
|
Date of Birth/Age : |
24.05.1968 |
|
Date of Appointment : |
12.05.2008 |
|
DIN No.: |
01698935 |
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|
|
|
Name : |
Mr. Sailesh
Kumar
Upendra Prasad Srivastava |
|
Designation : |
Director (Vice President, Marketing and
Operations) |
|
Address : |
Flat No.S-2/ Plot – 296, Sector – 4, Vaishali, |
|
Date of Birth/Age : |
15.02.1970 |
|
Date of Appointment : |
12.05.2008 |
|
DIN No.: |
02146626 |
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|
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Name : |
Mr. Rakesh
Srivastava M.S., CPO |
|
Designation : |
President and CEO, Founder |
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|
Name : |
Mr. Chandra
Sekhar Mohanty, CPO |
|
Designation : |
Chief Operating Officer and Chief Clinical
Operations |
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|
Name : |
Mr. Navdeep Sood M.D |
|
Designation : |
Director Strategy and Planning |
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Name : |
Mr. Pradeep
Jaisingh |
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Designation : |
Managing Director |
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Name : |
Mr. Kavir Sexena M.D |
|
Designation : |
Co-Chairman |
KEY EXECUTIVES
|
Name : |
Ms. Sapna
Mangla, CPO |
|
Designation : |
Clinical Prosthetist and Orthotist |
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|
|
Name : |
Ms. Seema Dalai,
CPO |
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Designation : |
Clinical Prosthetist and Orthotist |
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|
Name : |
Mr. Manoj Kumar
Dalai, CPO |
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Designation : |
Clinical Prosthetist and Orthotist |
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|
Name : |
Mr. Kuldeep
Singh |
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Designation : |
Clinical Prosthetist and Orthotist |
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Name : |
Ms. Anushree |
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Designation : |
Clinical Prosthetist and Orthotist |
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Name : |
Mr. Murli Mohan |
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Designation : |
Clinical Prosthetist and Orthotist |
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Name : |
Ms. Priyanka
Sharma |
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Designation : |
Clinical Prosthetist and Orthotist |
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Name : |
Ranveer Kaur |
|
Designation : |
Office Manager |
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Name : |
Ms. Randeep
kumar |
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Designation : |
Store Manager |
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Name : |
Mr. Sunil Sharma |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2009
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Ashvini Sengar |
|
60930 |
|
Sailesh Kumar |
|
5000 |
|
Rakesh Srivastava |
|
78480 |
|
C.S. Mohanty |
|
30180 |
|
Navdeep Sood |
|
42660 |
|
Kavir Saxena |
|
48750 |
|
Pradeep Kumar |
|
21000 |
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Total
|
|
287000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Ashvini Sengar |
|
240970 |
|
Sailesh Kumar |
|
421130 |
|
Rakesh Srivastava |
|
66520 |
|
C.S. Mohanty |
|
421205 |
|
Navdeep Sood |
|
85205 |
|
Kavir Saxena |
|
19820 |
|
Pradeep Kumar |
|
850 |
As on 25.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Prosthetics and Orthotics Services. |
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GENERAL INFORMATION
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Suppliers : |
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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 : |
C.K. Bansal and Company Chartered Accountants |
|
Address : |
88, III Floor, Sabzi Market, Hauz Qazi, |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
1500000 |
Preference Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
Total |
|
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
287000 |
Equity Shares |
Rs.10/- each |
Rs.2.870
millions |
|
1263800 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.12.638
millions |
|
|
Total |
|
Rs.15.508 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
|
15.508 |
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2] Share Application Money |
|
|
0.500 |
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3] Reserves & Surplus |
|
|
0.000 |
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4] (Accumulated Losses) |
|
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(12.468) |
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NETWORTH |
|
|
3.540 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.621 |
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2] Unsecured Loans |
|
|
0.180 |
|
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TOTAL BORROWING |
|
|
0.801 |
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DEFERRED TAX LIABILITIES |
|
|
0.081 |
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|
|
|
|
|
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TOTAL |
|
|
4.422 |
|
|
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|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
7.811 |
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Capital work-in-progress |
|
|
0.000 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4.602 |
|
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Sundry Debtors |
|
|
1.407 |
|
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Cash & Bank Balances |
|
|
1.536 |
|
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Other Current Assets |
|
|
0.000 |
|
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Loans & Advances |
|
|
2.104 |
|
Total
Current Assets |
|
|
9.649 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
9.731 |
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Other Current Liabilities |
|
|
3.379 |
|
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Provisions |
|
|
0.139 |
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Total
Current Liabilities |
|
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13.249 |
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Net Current Assets |
|
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(3.600) |
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MISCELLANEOUS EXPENSES |
|
|
0.211 |
|
|
|
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TOTAL |
|
|
4.422 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
|
|
4.561 |
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Other Income |
|
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|
|
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TOTAL |
|
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4.561 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
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Office Expenses |
|
|
16.810 |
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|
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Administrative Expenses |
|
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Advertising Expenses |
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TOTAL |
|
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16.810 |
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PROFIT BEFORE TAX
|
|
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(12.249) |
|
|
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|
|
|
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Less |
TAX |
|
|
0.219 |
|
|
|
|
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PROFIT AFTER TAX
|
|
|
(12.468) |
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|
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IMPORTS |
|
|
|
|
|
|
|
CIF Value of Imports |
|
|
8.956 |
|
|
|
Traveling Expenses |
|
|
0.020 |
|
|
TOTAL IMPORTS |
|
|
8.976 |
|
|
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
(43.44) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2009 |
|
PAT / Total Income |
(%) |
|
|
(273.36) |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(70.15) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
(3.46) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
3.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.73 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from SF-20, Aditya Mega Mall, CBD Ground, Karkarduma, Delhi – 110 092 to the present address w.e.f. 01.06.2009.
WORKING OF THE
COMPANY:
During the period, the financial results of the company show a Net Loss
of Rs.12.468 millions. The directors hope to do better business in the coming
Financial Year.
FIXED ASSETS:
EDP Equipments
·
Computer
Furniture and
Fixtures
·
Furniture and Fixture
·
Signage and Standings
Plant and
Machinery
·
Air Conditioner
·
Digital Camera
·
DVD Writer
·
Fire Safety Equipment
·
i-Limb Demo Hand
·
Mobile Phone
·
Oven
·
Photocopier/ Fax Machine
·
Refrigerator
·
Telephone Equipment
·
Television
·
Tools and Equipment
·
Vaccume Cleaner
Vehicles
·
By-Cycle
·
Car
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 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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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.