%20LIMITED%20-%20132620%2018-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANDEN VIKAS ( |
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Registered Office : |
12-A, Shivaji Marg, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.09.1982 |
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Com. Reg. No.: |
55-14381 |
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CIN No.: [Company
Identification No.] |
U45202DL1982PLC014381 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS00104G |
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PAN No.: [Permanent
Account No.] |
AABCS3174M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufactures
of Automotive Air Conditioning Systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1314000 |
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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 with satisfactory track. Trade
relations are fair. Business is active. Payments are usually correct. Company can be considered good for normal business dealings under
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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office : |
12-A, Shivaji Marg, |
|
Tel. No.: |
91-11-42070707 |
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Fax No.: |
91-11-25451004 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 65, Sector 27A, Faridabad-121003, |
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Tel. No.: |
91-129-4196141 / 4196000 |
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Fax No.: |
91-129-4196196 |
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E-Mail : |
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Regional Office 1 : |
510, The Pentagon, Near Satara Road telephone exchange, Sahoo College
Road, Opposite Hotel Panchami Parvati, Pune-411 009, Maharashtra, India |
|
Tel. No.: |
91-20-24231417 / 32924830 |
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Fax No.: |
91-20-24231418 |
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E-Mail : |
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Regional Office 2 : |
Kamala Arcade, 669, Anna Salai, Chennai – 600 006, |
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Tel. No.: |
91-44-28297384 |
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Fax No.: |
91-44-28297273 |
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E-Mail : |
DIRECTORS
AS ON 23.07.2010
|
Name : |
Mr. Praveen Agarwal |
|
Designation : |
Managing Director |
|
Address : |
89, Sunder Nagar, |
|
Date of Birth/Age : |
03.09.1953 |
|
Date of Appointment : |
01.05.2005 |
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|
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|
Name : |
Mr. Naveen Agarwal |
|
Designation : |
Director |
|
Address : |
315, The Aralivas, DLF Golf Links, |
|
Date of Birth/Age : |
12.06.1959 |
|
Date of Appointment : |
22.07.2008 |
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|
Name : |
Mr. Patrick Tuen Tai Poon |
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Designation : |
Director |
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Address : |
295, |
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Date of Birth/Age : |
05.10.1948 |
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Date of Appointment : |
20.11.2003 |
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|
Name : |
Mrs. Puja Agarwal |
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Designation : |
Director |
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Address : |
89, Sunder Nagar, |
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Date of Birth/Age : |
17.02.1957 |
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Date of Appointment : |
22.07.2009 |
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|
|
|
Name : |
Mr. Yuichi Yasui |
|
Designation : |
Director |
|
Address : |
Kameido 3-38-16, Koto-KU, |
|
Date of Birth/Age : |
03.12.1954 |
|
Date of Appointment : |
03.03.2008 |
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|
|
|
Name : |
Mr. Takamasa Okura |
|
Designation : |
Whole Time Director |
|
Address : |
1306-A, Beverley Park-II, DLF, Phase II, Gurgaon-122002, |
|
Date of Birth/Age : |
20.03.1949 |
|
Date of Appointment : |
15.12.2008 |
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|
Name : |
Mr. Robert Kheng |
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Designation : |
Director |
|
Address : |
11, |
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Date of Birth/Age : |
29.12.1954 |
|
Date of Appointment : |
11.12.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Nandan Jain |
|
Designation : |
Secretary |
|
Address : |
70, F – 26, Sector 7, Rohini, New |
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Date of Birth/Age : |
03.04.1954 |
|
Date of Appointment : |
26.12.1983 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.07.2010
|
Names of Shareholders |
No. of Shares |
|
Praveen Agarwal |
4607325 |
|
Naveen Agarwal |
439380 |
|
Sumitra Agarwal |
99000 |
|
Sakshi Agarwal |
10800 |
|
Surabhi Tuli |
36000 |
|
Sumedha Impex Private Limited, |
486000 |
|
Manmohar Fin-Invest-Lease Limited, |
9000 |
|
Sanden Corporation, |
990000 |
|
Dinesh Nandan Jain |
45 |
|
Pranav Vikas ( |
1624950 |
|
Sanden International |
6322500 |
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Total |
14625000 |
(AS ON 23.07.2010)
|
Category |
|
Percentage |
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|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50 |
|
Bodies corporate |
|
14.50 |
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Directors or relatives of directors |
|
35.50 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures
of Automotive Air Conditioning Systems. |
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Products : |
·
Compressors ·
HVAC ·
PAF ·
Serpentine ·
Evaporators ·
Roof Unit ·
Condensers ·
Hose and Pipe Assembly ·
Receiver Driers ·
Cooling Units |
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Automotive Gas Compressor with Magnetic Clutch |
Nos. |
200000 |
271269 |
|
Automotive Air conditioning System/Kit
(including Part Kits) |
Nos. |
250000 |
383448 |
GENERAL INFORMATION
|
Customers : |
·
Maruti Suzuki ·
Honda ·
GM ·
Tata ·
Fiat ·
HM ·
Denso ·
Behr ·
AMW ·
Sonalika International ·
Keihin ·
Ford ·
M and M ·
Eicher ·
Suzuki Powertrain India Limited ·
·
Avtec Limited ·
PVL ·
Mahindra ·
Nissan |
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Bankers : |
·
Mizuho Corporate Bank Limited, 4th
Floor, East Tower, Sood Tower, 25, Barakhamba Road, New Delhi – 110001, India
·
Oriental Bank of Commerce, 104, Old Rajinder
Nagar, ·
Bank of Tokyo Mitsubishi UFJ Limited, ·
Standard
Chartered Bank, Sansad Marg, ·
Kotak
Mahindera Bank |
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Facilities : |
Notes: a) Term Loans
from The Mizuho Corporate Bank Limited and The Bank of Tokyo Mitsubishi UFJ
Limited are secured by a first charge in form of joint mortgage by deposit of
title deeds in respect of immovable property at Plot no 65 Sector 27-A,
Faridabad together with all Buildings and structures thereon and all Plant
and machinery (both movable and immovable) situated at the factory on
pari-pasu basis with each other. b) Cash Credit
Facilities from Oriental Bank of Commerce is secured by hypothecation of
stocks of raw materials, stock-in-process, finished goods and book debts on
pari-pasu basis with Standard Chartered Bank and are also secured by a second
charge in form of joint mortgage by deposit of title deeds in respect of
immovable property at Plot no 65 Sector 27-A, Faridabad together with all
Buildings and structures thereon and all Plant and machinery attached to the
earth. In respect of the above Mr. Praveen Agarwal and Mr. Naveen Agarwal,
Directors of the Company have given irrevocable / unconditional joint and/or
several guarantees. c) Cash Credit
Facilities and Demand Loan from the Mizuho Corporate Bank Limited is secured
against second charge on Stock of raw material, work in progress, semi
finished goods, stock in trade, consumable stores and book debts. d) Loan
Facilities from Standard Chartered Bank is secured by hypothecation of stocks
of raw materials, stock-inprocess, finished goods and book debts on pari-pasu
basis with Oriental Bank of Commerce and is also guaranteed in personal capacity
by Mr. Praveen Agarwal and Mr. Naveen Agarwal, Directors of the Company. e) Auto Loan is secured by way of hypothecation of vehicles.
NOTE External Commercial Borrowings (ECB) has been received from Mizuho
Corporate Bank – |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
N. Narasimhan and Company Chartered Accountant |
|
Address : |
211-Hans Bhawan, Bahadur Shah Zafar Marg, |
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Joint Venture |
Sanden Corporation – |
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Associates/Subsidiaries : |
Plant II Plant III
Plot no. 4, 20th Milestone, Fax: 91-129-4042163 Email: info@ecocatindia.com
Plot no. 4, 20th Milestone, Fax: 91-129-410040 Website: www.kenmorevikas.com E-mail:info@kenmorevikas.com
Plot no. 4, 20th Milestone, Fax: 91-129-410040 Website: www.kenmorevikas.com E-mail:info@kenmorevikas.com
Plot No. A8, Sector 59, Opposite JCB, Ballabgarh-121004,
Haryana Fax: 91-129-4113849 E-mail: info@gallayindia.com
Address: 12-A, Shivaji Marg, Ph: 91-11- 42070707 E-mail: info@autovikas.com
73/8, Ph: 91-1275-263264 Fax: 91-129-263264 E-mail: info@rpsvikas.com
73/8, Ph: 91-1275-263264 Fax: 91-129-263264 E-mail: info@rpsvikas.com |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- Each |
Rs.220.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14625000 |
Equity Shares |
Rs.10/- Each |
Rs.146.250
millions |
|
|
|
|
|
NOTE
(Out of the above 11375000
Equity shares of Rs 10 each were allotted as fully paid up Bonus shares by capitalization of Profit and Loss account)
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 |
146.250 |
146.250 |
146.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
182.309 |
110.242 |
231.807 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
328.559 |
256.492 |
378.057 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
457.879 |
485.116 |
328.907 |
|
|
2] Unsecured Loans |
703.795 |
597.320 |
0.000 |
|
|
TOTAL BORROWING |
1161.674 |
1082.436 |
328.907 |
|
|
DEFERRED TAX LIABILITIES |
3.190 |
0.000 |
73.516 |
|
|
|
|
|
|
|
|
TOTAL |
1493.423 |
1338.928 |
780.480 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1215.866 |
1198.582 |
558.171 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
16.787 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
561.472
|
748.081 |
568.763
|
|
|
Sundry Debtors |
379.411
|
383.780 |
377.851
|
|
|
Cash & Bank Balances |
33.985
|
17.876 |
18.420
|
|
|
Other Current Assets |
0.405
|
0.650 |
0.000
|
|
|
Loans & Advances |
164.615
|
112.251 |
97.411
|
|
Total
Current Assets |
1139.888
|
1262.638 |
1062.445 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
785.214
|
1074.299 |
779.187 |
|
|
Other Current Liabilities |
58.253
|
62.606 |
|
|
|
Provisions |
19.722
|
3.140 |
60.949
|
|
Total
Current Liabilities |
863.189
|
1140.045 |
840.136 |
|
|
Net Current Assets |
276.699
|
122.593 |
222.309
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.858 |
0.966 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1493.423 |
1338.928 |
780.480 |
|
%20LIMITED%20-%20132620%2018-Feb-2011_files/image003.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2968.385 |
1525.897 |
2244.410 |
|
|
|
Trading Sales |
1084.643 |
1484.730 |
947.107 |
|
|
|
Other Income |
104.739 |
(103.416) |
19.037 |
|
|
|
TOTAL (A) |
4157.767 |
2907.211 |
3210.554 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Traded Goods |
894.464 |
1682.536 |
927.647 |
|
|
|
Materials and components consumed |
2586.754 |
1143.376 |
1815.128 |
|
|
|
Manufacturing and other expenses |
354.038 |
290.565 |
260.862 |
|
|
|
Decrease / (Increase) in stock |
62.877 |
(98.592) |
(31.014) |
|
|
|
Excise Duty on Inc./(Dec) in Finished Goods |
1.738 |
(0.978) |
1.783 |
|
|
|
Prior period expenses |
0.347 |
0.265 |
0.138 |
|
|
|
TOTAL (B) |
3900.218 |
3017.172 |
2974.544 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
257.549 |
(109.961) |
236.010 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
65.649 |
51.812 |
52.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
191.900 |
(161.773) |
183.850 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
79.867 |
42.130 |
38.518 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
112.033 |
(203.903) |
145.332 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.966 |
(82.338) |
46.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
72.067 |
(121.565) |
98.408 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
83.191 |
204.755 |
255.162 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Issue of Bonus Shares |
0.000 |
0.000 |
113.750 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
21.938 |
|
|
|
Provision for Dividend Tax |
0.000 |
0.000 |
3.728 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
9.399 |
|
|
BALANCE CARRIED
TO THE B/S |
155.257 |
83.191 |
204.755 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
8.882 |
1.070 |
2.378 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials/Components/ Consumables |
2169.435 |
551.485 |
1121.116 |
|
|
|
Purchases of Traded Goods |
871.048 |
1682.537 |
927.647 |
|
|
|
Plant and Machinery including transit |
76.197 |
400.315 |
0.000 |
|
|
TOTAL IMPORTS |
3116.680 |
2634.337 |
2048.763 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.93 |
(8.31) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.73
|
(4.18) |
3.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.76
|
(6.77) |
4.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
|
(8.28) |
8.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
(0.79) |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.16
|
8.66 |
3.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.11 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
OPERATIONS
There
was a marked improvement in the economic condition and the directors are happy
to announce that the company could achieve a total net sale of Rs. 4053.02 Million
against a sale of Rs. 3010.62 Million during the year, a growth of 34%. The
profits of the company were always under pressure on account of higher cost and
the price down demands from customers, in the competitive scenario. In spite of
the adverse conditions, the company ended up with a profit before tax of Rs.
112.03 Million, against the loss of Rs. 203.9 Million, recorded in the last
year.
The
signs of recovery in the Economy appear to be permanent, which should help the
Company’s performance in the current year as well. While continuing business
with their existing customers, viz. Maruti Suzuki, Suzuki Powertrain, M and M,
Fiat India, TATA Motors, Honda and Ford India, they added new customers
Volkswagen India for variable compressor and Renault Nissan for Hose and Pipe
business. Maruti Suzuki, one their major customer introduced new models like
Ritz Petrol and Diesel, YR-9 (New Wagon R) and New Zen (YL6 Minor) during the
year thereby improving the business.
Design
and development upgradation was carried out for TATA Motor’s Winger, which
helped in the regular supplies to customer. The design and development activity
for the new model 1 Ton Ace as well as Micro Bus, is also being carried out.
The successful commissioning of the Plant to manufacture variable compressor
during the year, the only company to manufacture such compressors in
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Technical
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Electrical Fittings (R and D)
·
Computers (R and D)
WEBSITE DETAILS
PROFILE
In 1982, before the widespread use of Air-Conditioning
systems in India, Vikas Group saw the potential for automotive air -
conditioning, and entered into a Joint Venture with Sanden Corporation of
Over the last 25 years, Sanden Vikas has established a very strong R and D
team and is proud to be recognized as a Research and Development Centre by the Department
of Scientific and Industrial Research (DSIR). The company has a fully
functional Design Centre having full fledged CAD/CAM facilities which are
supported with the latest software. It has capabilities to design and develop
any type of automotive air-conditioning requirements to meet the diverse need
of the customers as per local climatic conditions. Sanden's equity
participation and technical collaboration assures that it gets nothing short of
the best available anywhere in the world. All quality control and training
functions are conducted under the strict and vigilant eyes of expert Japanese
Engineers.
Over the last two decades, subject and the Group companies have established and
further enhanced its production facilities to manufacture air-conditioning
parts like Compressors, HVACs, Blowers, Receiver Driers, Hoses and Pipes, High
Precision Machined parts and Injection Moulded parts. It has a strong and fully
trained work force at all its manufacturing locations.
Subject has a strong customer base with customers like Suzuki, Honda, Ford,
Tata, Fiat, Mahindra and Mahindra to name a few.
The Company and the Group companies have a very strong focus on quality and customer satisfaction. Most group companies are accredited with ISO/TS16949 certifications. In order to deliver quality products to its customers, the company has set a minimum criterion of ISO 9001 certification for all its vendors as well.
Subject has recently implemented a fully integrated ERP system that has significantly added value in terms of enhanced customer satisfaction and improved business processes.
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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--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.