MIRA
INFORM REPORT
|
Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
FLEXITUFF INTERNATIONAL LIMITED |
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Registered Office : |
2nd Floor of |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.04.1993 |
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Com. Reg. No.: |
21-111382 |
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CIN No.: [Company
Identification No.] |
U25202WB1993PLC111382 |
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IEC No.: |
1194001645 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLF00116F |
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PAN No.: [Permanent
Account No.] |
AAACN5986H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Marketer of HDPE/PP, Woven Sacks/ FIBC
(Jumbo Bags). |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5234800 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 regular 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 |
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Risk Category |
ECGC
Classification |
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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 |
LOCATIONS
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Registered Office : |
2nd Floor, Of |
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Tel. No.: |
91-7292-401681/401682/401683 |
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Fax No.: |
91-7292-401684 |
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E-Mail : |
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Website : |
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Corporate Office : |
C 41 – 50, Sez, Sector – 3, Pithampur 454 775, District : Dhar, |
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Tel. No.: |
91-7292-391226 / 401681 / 82 / 83 / 91-7292-501682 |
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Fax No.: |
91-7292-401684 / 91-7292-501684 |
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E-Mail : |
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Area : |
572000 Sq. ft |
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Location : |
Leased |
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Factory 1 : |
11, |
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Tel. No.: |
91-7292-253173 |
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Fax No.: |
91-7292-527770 |
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Factory 2 : |
3A, |
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Factory 3 : |
94, Industrial Areas, Sector-1, Pithampur, |
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Tel. No.: |
91-7292-253173/74/75
/ 391500 |
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Fax No.: |
91-7292-253380 / 401694 |
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Area : |
117000 Sq. ft |
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Location : |
Leased |
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Factory 4 : |
C 41 – 50, Sez, Sector – 3, Pithampur 454 775, District : Dhar, |
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Tel. No.: |
91-7292-401681 -83 |
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Fax No.: |
91-7292401684 |
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Area: |
572000 Sq. ft |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Manish Kalani |
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Designation : |
Managing Director |
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Address : |
11, |
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Date of Birth/Age : |
08.10.1968 |
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Qualification : |
MBA |
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Date of Appointment : |
12.09.2002 |
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DIN NO.: |
00169041 |
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
Director |
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Address : |
62, Shikehak Nagar, |
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Date of Birth/Age : |
07.05.1956 |
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Qualification : |
MCOM |
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Date of Appointment : |
14.01.2002 |
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DIN NO.: |
00012279 |
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Name : |
Mr. K B Kucheria |
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Designation : |
Director |
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Address : |
86, Paliwal Nagar, |
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Date of Birth/Age : |
17.02.2004 |
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Date of Appointment : |
20.03.2004 |
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Name : |
Mr. Kevan John Upperdine |
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Designation : |
Additional Director |
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Address : |
48, Wood Walk, |
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Qualification: |
Mechanical Engineer |
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Date of Birth/Age : |
20.08.1959 |
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Date of Appointment : |
18.11.2006 |
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DIN NO.: |
01214264 |
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Name : |
Mr. Ravindra Kumar Chourasia |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth : |
14.07.1967 |
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Date of Appointment : |
18.03.2006 |
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Other Directorship : |
v
21st Centuri Properties Private
Limited CIN No: U70101WB2006PTC108307 |
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DIN NO.: |
00061084 |
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Name : |
Mr. Sharat Anand |
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Designation : |
Director |
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Address : |
Apartment Charmwood, |
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Date of Birth: |
16.10.1959 |
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Date of Appointment : |
08.04.2008 |
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DIN NO.: |
00083237 |
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Name : |
Mr. Ashwini Kumar Sahoo |
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Designation : |
Nominee Director |
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Address : |
Flat 406, Tower B, Raheja Sherwood , Goregoan (EAST), Mumbai |
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Date of Birth: |
02.03.1974 |
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Date of Appointment : |
20.01.2010 |
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DIN NO.: |
01931805 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Kumar Sharma |
|
Designation : |
Company Secretary |
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Address : |
440 B, Kalani Nagar, |
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Date of Birth/Age : |
12.12.1976 |
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Date of Appointment : |
01.01.2007 |
|
DIN NO.: |
ANMPS4278H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Manish Kalani |
11400 |
0.09 |
|
Mrs. Manisha Kalani |
7600 |
0.06 |
|
Kalani Industries Private Limited, |
3055600 |
25.12 |
|
Sanovi Trading Private Limited, |
936700 |
7.70 |
|
Anshuman Properties Private Limited, |
940500 |
7.73 |
|
High Sky Properties Private Limited , |
904400 |
7.44 |
|
Saurabh Properties Private Limited , |
1270530 |
10.45 |
|
Miscellani Global Private Limited, |
1217520 |
10.01 |
|
Fantasy Real Estate Private Limited, |
915800 |
7.53 |
|
Seven Star Properties Private Limited , |
952470 |
7.83 |
|
Sunrise Properties Private Limited , |
737580 |
6.06 |
|
Sorley holdings Limited, |
875230 |
7.20 |
|
Clearwater Capital Partners Cyrus Limited, |
338100 |
2.78 |
|
Total |
12163430 |
100.00 |
Equity share break-up
As On 30.09.2010
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investors, Foreign companies,
Foreign financial institutions, Non resident Indians or Overseas corporate
bodies or others |
|
9.98 |
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Bodies corporate |
|
89.87 |
|
Directors or relatives of directors |
|
0.15 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of HDPE/PP, Woven Sacks/ FIBC
(Jumbo Bags). |
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Products : |
v FIBCs (coated/uncoated) v Form Stable Baffle Bags v Form Fitted Liner Bags v Glued Liner bags v Conductive Type C Bags v Dissipative Type D Bags v Type C +D Bags v Sling Bags v Drum Bags v Asbestos bags v Container Liner Bags v Food Grade Bags v Tunnel Lift Bags v Builder Bags v
PP / Paper v Sand Bags v BOPP Printed Bags v Garden Waste Bags v Carry Bags |
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Exports : |
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Countries : |
v
v
v
v
v
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Terms : |
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Selling : |
L/C, Cash, Credit (30 Days –
120 Days) |
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Purchasing : |
L/C, Cash (60 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, End Users |
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No. of Employees : |
4338 ( 153 in Office, 4185 in Factory) |
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Bankers : |
v
State Bank of v
Central Bank of v
Panjab National Bank, Siyaram, v
State Bank of v
ICICI Bank Limited, v
HDFC Bank Limited, v
UCO Bank Gram Pipliahana, Tilak Nagar Branch, |
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Facilities : |
Secured
Loans
(Rs. in millions)
Nature of
security on secured loans 1. Term Loans are secured by equitable mortgage on all immovable fixed
assets of the company, hypothecation of the entire movable machinery and
other fixed assets and a second charge on all current assets of the company. 2. The working facilities are secured by first charge on as current
assets viz. Raw material stores and spares, work in progress, finished goods
and book debts and second charge on fixed assets of the company. 3. All the loans and working facilities are further secured by
personal guarantee of Shri Manish Kalani and corporate guarantee of M/s
Kalani Industries Private Limited. 4.Term Loan Repayments within one year Rs.329.500 millions (Previous
year Rs.110.000 millions) Unsecured
Loans
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
L K Maheshwari and Company Chartered Accountant |
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Address : |
324-325, |
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Tel No.: |
91-731-2436951 |
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E-Mail: |
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Website : |
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Subsidiaries : |
v
Satguru Polyfab Private Limited, Gandhidham CIN No: U25200GJ1997PTC033290 |
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Wholly Owned Subsidiaries : |
v
Eco Polymers Limited (Bangalesh) v
Nanofil Technologies Private Limited v
Flexiglobal Holdings Limited ( |
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Associates : |
v
Kalani Industries Private Limited v
EWDPL ( v
Sunrise Properties Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 millions |
|
|
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11523430 |
Equity Shares |
Rs. 10/- each |
Rs. 115.234 millions |
|
|
|
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|
Note:
- (Out of above during the period 209000 share warrants converted into
same numbers of equity shares) (Previous year 11314430 Equity shares of
Rs. 10/- each fully paid-up).
- Out of the above shares 7554053 shares are allotted as fully paid up
by way of bonus shares)
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 |
115.234 |
113.144 |
110.914 |
|
|
2] Share Application Money |
69.580 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
657.585 |
573.172 |
469.526 |
|
|
4] Share Warrants |
6.301 |
7.611 |
8.850 |
|
|
5] Zero% fully convertible debentures |
460.000 |
460.000 |
460.000 |
|
|
6] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1308.700 |
1153.927 |
1049.290 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2224.127 |
1494.059 |
494.991 |
|
|
2] Unsecured Loans |
0.000 |
12.500 |
5.606 |
|
|
TOTAL BORROWING |
2224.127 |
1506.559 |
500.597 |
|
|
DEFERRED TAX LIABILITIES |
134.368 |
81.715 |
68.398 |
|
|
|
|
|
|
|
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TOTAL |
3667.195 |
2742.201 |
1618.285 |
|
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|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2394.379 |
2130.268 |
853.735 |
|
|
Capital work-in-progress |
339.885 |
132.835 |
314.631 |
|
|
|
|
|
|
|
|
INVESTMENT |
28.845 |
17.454 |
0.354 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
618.674
|
355.284
|
265.618 |
|
|
Sundry Debtors |
500.213
|
221.445
|
368.760 |
|
|
Cash & Bank Balances |
134.084
|
121.577
|
27.617 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
347.350
|
252.072
|
92.280 |
|
Total
Current Assets |
1600.321
|
950.378 |
754.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
577.557
|
404.967 |
|
|
|
Other Liabilities |
105.418
|
76.736 |
|
|
|
Provisions |
13.260
|
7.031 |
15.570 |
|
Total
Current Liabilities |
696.235
|
488.734
|
304.711 |
|
|
Net Current Assets |
904.086
|
461.644
|
449.564 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3667.195 |
2742.201 |
1618.285 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3011.088 |
2607.472 |
2202.292 |
|
|
|
Other Income |
7.982 |
5.133 |
12.727 |
|
|
|
TOTAL (A) |
3019.070 |
2612.605 |
2215.019 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
696.302 |
459.695 |
387.055 |
|
|
|
Selling and Distributor Expenses |
167.422 |
168.261 |
168.324 |
|
|
|
Administrative Expenses |
125.283 |
87.106 |
71.606 |
|
|
|
Raw Material Consumed |
1796.401 |
1542.418 |
1321.943 |
|
|
|
Increase/(Decrease) in Finished Goods |
(202.505) |
(5.455) |
(24.761) |
|
|
|
Amortization Expenses |
0.250 |
0.250 |
0.250 |
|
|
|
Other Expenditure |
0.000 |
0.000 |
13.293 |
|
|
|
TOTAL (B) |
2583.153 |
2252.275 |
1937.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
435.917 |
360.330 |
277.309 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
202.944 |
206.765 |
140.885 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
232.973 |
153.565 |
136.424 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
111.244 |
50.993 |
39.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
121.729 |
102.572 |
97.309 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
46.682 |
23.011 |
21.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
75.047 |
79.561 |
75.982 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
182.253 |
102.692 |
39.685 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
0.000 |
0.000 |
|
|
|
Dividend |
11.326 |
0.000 |
11.091 |
|
|
|
Tax on Dividend |
1.881 |
0.000 |
1.885 |
|
|
BALANCE CARRIED
TO THE B/S |
234.093 |
182.253 |
102.691 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2042.019 |
2138.346 |
NA |
|
|
TOTAL EARNINGS |
2042.019 |
2138.346 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
406.491 |
164.082 |
NA |
|
|
TOTAL IMPORTS |
406.491 |
164.082 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
|
7.13 |
11.94 |
|
|
|
Diluted |
|
5.26 |
10.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.48
|
3.12
|
3.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.04
|
3.93
|
4.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.04
|
3.17
|
5.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
0.42
|
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
1.94
|
2.48 |
LOCAL AGENCY FURTHER INFORMATION
Review of Operation
Financial Year 2009-10 has been one of the extremely challenging financial
years for whole of the economy. Although the company was able to managed &
maintain its growth trend. The ability of a company to move forward with
confidence is primarily determined by its judicious investment in past and
current ability to navigate through changes and challenges. During the period
sales and other income stood at Rs. 3019.070 Millions as against that of Rs.
2612.600 Millions in the previous year showing a growth of 15.56%. Company’s
Profit before interest, depreciation and tax increased to Rs. 436.170 Millions
from Rs. 360.580 Millions in the previous year showing a growth of 20.96%.
Awards and
Certifications
The Company is the winner of
highest Exporter award for the consecutive last 9 years from “PLEXCONCIL”.
The Company was the first in
Institute of Baking Certificate
(USFDA) and British Retail Consortium
Certificate (BRC). During the year both
the certifications have been renewed.
Besides certification from
American Institute of Baking (US FDA), USA & British Retail Consortium
(BRC),
the company is accredited by ISO 14000, ISO
22000 & ISO 9001-2000 certifications.
Exports
Financial Year 2009-10 was extremely challenging year for
international economy too. During the period export sales decline minutely by
Rs. 129.820 Million i.e. 5.61 % and stood at Rs. 2182.890 Millions as against
Rs. 2312.710 Million in the previous year..
Form 8
|
This form is for |
Creation of charge |
|
Corporate
identity number of the company |
U25202WB1993PLC111382 |
|
Name of the
company |
FLEXITUFF
INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, Of |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
UCO Bank Gram Pipliahana, Tilak Nagar Branch, |
|
Nature of
description of the instrument creating or modifying the charge |
1. Agreement For
Extension of Charge by the way of Hypothecation over current assets to secure
Non-Fund Base Facilities, 2.Hypothecation
of Goods to secure a demand Cash Credit, 3. Hypothecation
& Book Debt to secure Demand Cash Credit. |
|
Date of
instrument Creating the charge |
28.09.2010 |
|
Amount secured by
the charge |
Rs.780.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interst rate of
4% above base rate subject to maximum of 12.00%, more specially mentioned in sanction
letter Terms of
Repayment Working Capital
Limits are repayable on demand more specially mentioned in sanction letter Margin 20% on stock
& 30% on book debt more specially mentioned in sanction letter Extent and
Operation of the charge First Pari-Passu Charge
on entire currents assets of the company both future and existing situated at
1. C-41 -50
Sector 3, SEZ, Pithampur , 2. Plot No. 94,
Sector -1, Pithampur , 3. Kashipur &
4. Kandla And Second charge an
all immovable properties of the company. |
|
Short particulars
of the property charged |
|
Fixed Assets
v Land (Lease Hold)
v Land (Kashipur)
v
v Plant and Machinery
v Electric Installation
v Furniture and Fixtures
v Office Equipments
v Vehicles – Cars
v Vehicles – Others
v Computer
v Patent
As per web details:
Commitment first
person, singular
Team of subject is committed to serving all the FIBC requirements. The
commitment stems less from the mammoth manufacturing facilities they possess
and more from their 2000 strong work force. Nothing defines subject better than
its people. Young in outlook an
Despite the over arching team spirit that prevails at subject, they believe,
commitment to customers begins with the individual. Although, their 2000 member
team works like a well greased machine, it is the individuals - the cogs, who
fuel its driving commitment to quality an
100% customer orientation has helped subject gain wide global market share. A
fact, acknowledged by the Govt. of India with this highest FIBC exporters
award, for last 6 years in a row.
Awards, citations, growing volumes, expanding product range and satisfied
customers are achievements they now take in their stride. But nothing fails to
tickle them more than the idea of impossibility.
Throw them a challenge and you have them hooked.
Team subject nurtures its hunger to hit the ball out of the park. They like to
be known as partners who can rise to the moment, who can be counted upon to
meet a crisis head on.
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 :
The market
survey revealed that the amount of compensation sought by the subject is fair
an
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.
The 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.47.33 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.