MIRA
INFORM REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAHIMA FIBRES PRIVATE LIMITED MAHIMA EXPORTS A UNIT OF MAHIMA FIBRES PRIVATE LIMITED |
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Registered
Office : |
406, Corporate House, 169, RNT Marg, Indore-452001, Madhya Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.06.1998 |
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Com. Reg. No.: |
012885 |
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CIN No.: [Company Identification
No.] |
U17111MP1998PTC012885 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLM04156F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Cotton And Yarn. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1170212 |
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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 a well 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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
LOCATIONS
|
Registered Office : |
406, Corporate House, 169, RNT Marg, Indore-452001, Madhya Pradesh,
India |
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Tel. No.: |
91-731-2521021/4066642-43 |
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Fax No.: |
91-731-2529556®/2511124/2528157 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rohit Doshi |
|
Designation : |
Director |
|
Address : |
15/1, South Tukoganj, Gorani Compound, Indore, Madhya Pradesh, India |
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Date of Appointment : |
31.10.2000 |
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|
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Name : |
Mr. Ashish Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj, Gorani Compound, Indore, Madhya Pradesh, India |
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Date of Appointment : |
01.11.2005 |
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|
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Name : |
Mr. Ashok Kumar Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj, Gorani Compound, Indore, Madhya Pradesh, India |
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Date of Appointment : |
11.06.1998 |
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|
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Name : |
Mr. Abhishek Kumar Doshi |
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Designation : |
Director |
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Address : |
15/1, South Tukoganj, Gorani Compound, Indore, Madhya Pradesh, India |
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Date of Appointment : |
11.06.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Ashok Kumar Dosht |
|
1103000 |
|
Mr. Nirmal Kumar Doshi |
|
239100 |
|
Mr. Vinod Kumar Doshi |
|
175200 |
|
Mr. Ashish Doshi |
|
266600 |
|
Mr. Abhishek Kumar Doshi |
|
571760 |
|
Mr. Pawan Kumar Doshi |
|
245000 |
|
Smt. Chanda Doshi |
|
30000 |
|
Smt. Manju Doshi |
|
174000 |
|
Mr. Rohil Doshi |
|
876350 |
|
Mr. Rahul Doshi |
|
226500 |
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Smt. Rani Doshi |
|
345660 |
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Smt. Chhavi Doshi |
|
104000 |
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Smt. Shilpa Doshi |
|
103500 |
|
Smt. Pooja Doshi |
|
108500 |
|
Bafna Ginning And Pressing Private Limited Aurangabad |
|
1000000 |
|
Alka Diamond Industries Limited
Mumbai |
|
80000 |
|
RaghunBndan Rayons Limited Surat, Gujrat |
|
40000 |
|
Triangular Infocom Limited, Mumbai |
|
87000 |
|
Yash- V Jewels Limited, Mumbai |
|
75000 |
|
Vanguard Jewels Limited, Mumbai |
|
85000 |
|
Paras Cotex Private Limited, Indore |
|
500000 |
|
Pooja Fibres Private Limited,
Aurangabad |
|
362000 |
|
Alpha Chemie Trade Agencies Private Limited Mumbai |
|
10000 |
|
Casper Enterprises Private Limited, Mumbai |
|
57500 |
|
Javda India Impex Limited Mumbai |
|
100000 |
|
Kusb Hindustan Entertainment Limited Mumbai |
|
90000 |
|
Nakshatra Business Private Limited, Mumbai |
|
65000 |
|
Olive Overseas Private Limited, Mumbai |
|
40000 |
|
Talent Intoway Ltd, Ahmedabad Gujarat |
|
25000 |
|
Total |
|
7185670 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
36.41 |
|
Directors or relatives of Directors |
63.59 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Cotton And Yarn. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State Bank of Indore, Industrial Finance Branch, Khel Prashal, Race
Cource Road, Indore-452001, Madhya Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Maheshwari And Gupta Chartered Accountant |
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Address : |
312-314, Manas Bhawan Extension, 11/2, RNT Marg, Indore-452001, Madhya
Pradesh, India |
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|
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6736170 |
Equity Shares |
Rs.10/- each |
Rs.67.362
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 |
71.857 |
67.362 |
64.312 |
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2] Share Application Money |
0.000 |
5.000 |
34.350 |
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|
3] Reserves & Surplus |
220.696 |
129.388 |
67.829 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
292.553 |
201.750 |
166.491 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
634.625 |
617.957 |
414.709 |
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2] Unsecured Loans |
32.659 |
63.172 |
38.006 |
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TOTAL BORROWING |
667.284 |
681.129 |
452.715 |
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DEFERRED TAX LIABILITIES |
52.926 |
40.300 |
26.610 |
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TOTAL |
1012.763 |
923.179 |
645.816 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
601.373 |
568.911 |
359.737 |
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Capital work-in-progress |
0.000 |
0.000 |
17.243 |
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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 |
135.756
|
71.598 |
60.029 |
|
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Sundry Debtors |
288.568
|
263.809 |
257.115 |
|
|
Cash & Bank Balances |
35.611
|
14.537 |
21.623 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
221.329
|
160.239 |
118.984 |
|
Total
Current Assets |
681.264
|
510.183 |
457.751 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
83.529 |
128.902 |
|
|
Other Current Liabilities |
256.899
|
65.835 |
55.513 |
|
|
Provisions |
12.975
|
6.551 |
4.500 |
|
Total
Current Liabilities |
269.874
|
155.915 |
188.915 |
|
|
Net Current Assets |
411.390
|
354.268 |
268.836 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1012.763 |
923.179 |
645.816 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
Sale And Other Income |
3719.548 |
1318.925 |
1333.127 |
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TOTAL (A) |
3719.548 |
1318.925 |
1333.127 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
3536.517 |
1202.759 |
1227.931 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
183.031 |
116.166 |
105.196 |
|
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Less |
FINANCIAL
EXPENSES (D) |
74.877 |
32.895 |
48.180 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
108.154 |
83.271 |
57.016 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.705 |
28.699 |
18.110 |
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PROFIT BEFORE
TAX (E-F) (G) |
76.449 |
54.572 |
38.906 |
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|
|
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|
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Less |
TAX (I) |
25.601 |
20.241 |
13.505 |
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
50.848 |
34.331 |
25.401 |
|
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1010.074 |
410.775 |
94.318 |
|
|
TOTAL EARNINGS |
1010.074 |
410.775 |
94.318 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.55 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.36
|
2.60 |
1.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.96
|
5.05 |
4.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.27 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.20
|
4.14 |
3.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
3.27 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office address has been shifted from 15/1 South Tukoganj, Indore-452001, Madhya
Pradesh, India to present. W.e.f. 14.01.2009.
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80033095 |
|
Corporate
identity number of the company |
U17111MP1998PTC012885 |
|
Name of the
company |
Mahima Fibres
Private Limited |
|
Address of the
registered office or of the principal place of business in |
406, Coporate
House, 169 RNT Marg, Indore-452001, Madhya Pradesh, India |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property C.C.
Hypothecation And Book Debts |
|
Particular of
charge holder |
State Bank of Indore, Industrial Finance Branch, Khel Prashal, Race
Cource Road, Indore-452001, Madhya Pradesh, India |
|
Nature of description
of the instrument creating or modifying the charge |
Joint Agreement
of Hypothecation of goods and assets dated 29.03.2010 |
|
Date of
instrument Creating the charge |
29.03.2010 |
|
Amount secured by
the charge |
Rs.280.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of
Repayment As per Agreement Margin As per Agreement Extent and
Operation of the charge As per Agreement Others NIL |
|
Short particulars
of the property charged |
Hypothecation of
Stocks Of Raw Material Stocks In Process And Finished Goods Viz, Kapas, Lint
Cotton, Cotton Bales, Cotton Seeds, Yarn Etc Hypothecation of
Book Debts And All Current Assets of The Company Fixed Assets
Situated At Plot No 73 And 74 Sector No II Industrial Estate, Pithampur,
Ranking First Pari Passu Charge Of Sbind Cons. For There Term Loan And Second
Pari Passu Charge For There W.C |
Fixed Assets:
- Land
- Building
- Office Building
- Plant And Machinery
- Electrical Installation
- Fire Fighting System
- Vehicles
- Furniture And Fixture
- Office Equipment
- Computer
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.