MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUSHABH INVESTMENT PRIVATE LIMITED |
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Registered
Office : |
2B, Citi Mall, 2nd Floor, New |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
11.01.1982 |
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Com. Reg. No.: |
11-26094 |
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CIN No.: [Company Identification
No.] |
U65990MH1982PTC026094 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
The company produces gloss varnish paper, film, and foil labels. It
also manufactures induction seal liners, stickers, tags, and lids. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 540000 |
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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 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. Profit and loss of the company is not available. |
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 : |
2B, Citi Mall, 2nd Floor, New |
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Tel. No.: |
91-22-26362729 |
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E-Mail : |
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Factory 1 : |
Gat No. 898,
Hissa No. 1 situated at Mouja Sanaswadi Taluka Shirur, Pune, |
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Factory 2 : |
Gat No. 753 (PART), |
DIRECTORS
As on 28.09.2009
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Name : |
Mr. Chhotala S Ajmera |
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Designation : |
Director |
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Address : |
B-6, |
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Date of Birth/Age : |
09.09.1937 |
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Date of Appointment : |
30.06.1993 |
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Name : |
Mr. Sanjay C Ajmera |
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Designation : |
Director |
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Address : |
B-6, |
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Date of Birth/Age : |
20.11.1966 |
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Date of Appointment : |
30.06.1993 |
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Name : |
Mr. Atul C Ajmera |
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Designation : |
Director |
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Address : |
B-6, |
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Date of Birth/Age : |
04.11.1968 |
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Date of Appointment : |
25.02.2005 |
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Name : |
Mr. Kaushal Vikram Shah |
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Designation : |
Director |
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Address : |
198A, 6, Jaya Niwas, Gujrat Society, Sion (West), Mumbai-400002, |
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Name : |
Mrs. Veena C Ajmera |
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Designation : |
Director |
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Address : |
B-6, |
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Date of Birth/Age : |
10.07.1947 |
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Date of Appointment : |
30.06.1993 |
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Date of Ceasing: |
21.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2009
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Names of Shareholders |
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No. of Shares |
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Veena C Ajmera |
|
993950 |
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Hetal S Ajmera |
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1040 |
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Chhotalal S Ajmera (HUF) |
|
10 |
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Sanjay C Ajmera |
|
2000 |
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Atul C Ajmera |
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1002940 |
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Atul C Ajmer (HUF) |
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10 |
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Sonali A Ajmera |
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10 |
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Aagna S Ajmera |
|
10 |
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Mumukshu A Ajmera |
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10 |
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Nirman B Mehta |
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10 |
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Harsh B Mehta |
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10 |
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Total |
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2000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company produces gloss varnish paper, film, and foil labels. It
also manufactures induction seal liners, stickers, tags, and lids. |
GENERAL INFORMATION
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Bankers : |
Union Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Parekh and Associates Chartered Accountant |
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Address : |
37, |
CAPITAL STRUCTURE
As on 28.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 20.000
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
70.000 |
70.000 |
0.000 |
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3] Reserves & Surplus |
45.833 |
34.831 |
18.098 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
135.833 |
124.831 |
38.098 |
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LOAN FUNDS |
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1] Secured Loans |
7.969 |
15.578 |
17.431 |
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2] Unsecured Loans |
395.001 |
361.312 |
381.570 |
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TOTAL BORROWING |
402.970 |
376.890 |
399.001 |
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DEFERRED TAX LIABILITIES |
5.999 |
1.438 |
0.512 |
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TOTAL |
544.802 |
503.159 |
437.611s |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
231.909 |
171.828 |
127.619 |
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Capital work-in-progress |
0.000 |
30.321 |
33.538 |
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INVESTMENT |
266.828 |
266.828 |
266.828 |
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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 |
10.043
|
11.612 |
13.362 |
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Sundry Debtors |
86.362
|
56.618 |
56.015 |
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Cash & Bank Balances |
10.671
|
24.491 |
22.727 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.523
|
20.155 |
18.409 |
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Total
Current Assets |
134.599
|
112.876 |
110.513 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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78.694 |
100.887 |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
88.534
|
78.694 |
100.887 |
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Net Current Assets |
46.065
|
34.182 |
9.626 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
544.802 |
503.159 |
467.611 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.62
|
3.65 |
13.12 |
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.43 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted
from Building No. X-18, Flat Nol. 101/102, Shastri Nagar, Andheri (West),
Mumbai-400053,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U65990MH1982PTC026094 |
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Name of the
company |
RUSHABH INVESTMENT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
2B, Citi Mall, 2nd Floor, New |
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This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10203999 |
|
Type of charge |
Immovable Property |
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Particular of
charge holder |
Union Bank of |
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Nature of
instrument creating charge |
Extension of
Equitable Mortgage |
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Date of
instrument Creating the charge |
15.12.2010 |
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Amount secured by
the charge |
Rs. 460.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Together with
interest, compound interest, additional interest in case of default, exchange
fluctuations, costs, charges, expenses etc. Terms of
Repayment Term Loan and
FCTL in installments and other limits on demand Margin As per Sanction
terms Extent and
Operation of the charge To additionally
secure various aggregating to Rs. 460.000 Millions granted by the Bank to the
company as under:-
Total Aggregating
Rs. 460.000 Millions |
|
Short particulars
of the property charged |
Extension of
Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of Company’s
immovable property viz. All the Land and Factory being at Gat No. 898, Hissa
No. 1 admeasuring 1 Hector 81 R situated at Mouja Sanaswai Taluka Shirur
within the Jurisdiction of Gram Panchayat Sanaswadi District Pune bounded as
Follows: On or towards
East: Gat No. 756, 755, 754 and 753 On or towards
South: Gat No. 747 On or Towards
West: Gat No. 898 Part-II On or towards
North: Gat No. 899 and 897 |
|
Particulars of
the present modification |
The original charge
dated 27.01.2010 for Rs. 190.000 Millions is hereby modified and enhanced to
Rs. 460.000 Millions by addition of Rs. 270.000 Millions and secured against
Extension of Equitable Mortgage by Deposit of title Deeds by Oral Consent in
respect of Company’s immovable property viz. all the land and factory being
at Gat No. 898, Hissa No. 1 admeasuring 1 Hector 81 R situated at Mouja
Sanaswadi Taluka Shirur within the Juridiction of Gram Panchayat Sanaswadi
district Pune |
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
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 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.