MIRA
INFORM REPORT
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Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
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Name : |
LAXMI ORGANIC INDUSTRIES LIMITED |
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Registered
Office : |
A-22/2/3, MIDC, Mahad, District Raigad – 402309, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.05.1989 |
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Com. Reg. No.: |
11-51736 |
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Capital
Investment / Paid-up Capital : |
Rs. 52.446 millions |
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CIN No.: [Company Identification
No.] |
U24200MH1989PLC051736 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML05098C / MUML04695F |
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PAN No.: [Permanent Account No.] |
AAACL2435R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Acetyls and Diketene Derivatives. |
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No. of Employees : |
150 (Approximately) |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1800000 |
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Status : |
Good |
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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 fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be 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
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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/Factory 1 : |
A-22/2/3, MIDC, Mahad, District Raigad – 402309, |
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Tel. No.: |
91-2145-232548 |
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Fax No.: |
91-2145-232203 / 04 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. (Approximately) |
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Location : |
Owned |
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Corporate Office : |
Chandermukhi Basement, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-22851316 / 22856089 / 6090 |
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Fax No.: |
91-22-22853752 / 0033 |
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E-Mail : |
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Factory 2 : |
B-2/2, B-3/1/1, B-3/1/2, MIDC, Mahad Industrial Area, District Raigad
– 402309, |
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Distillery Unit : |
795/1, Village Chimangaon, Taluka Koregoan, District Satara, |
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Project Office : |
5, Cama Industrial Estate, Off. Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, |
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Tel No. : |
91-22-24976384 |
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Fax No. : |
91-22-24972536 |
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E-Mail : |
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Branch : |
Aakar Bhavan, 2nd Floor, |
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Tel No. : |
91-20-24471031 |
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Fax No. : |
91-20-24475325 |
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E-Mail : |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Vasudeo Nathmal Goenka |
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Designation : |
Chairman |
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Date of Appointment : |
15.05.1989 |
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DIN No. : |
00059215 |
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Name : |
Mr. |
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Designation : |
Managing Director |
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Date of Appointment : |
15.05.1989 |
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DIN No. : |
00059267 |
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Name : |
Mr. Rajeev Vasudeo Goenka |
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Designation : |
Joint Managing Director |
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Date of Appointment : |
12.08.1994 |
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DIN No. : |
00059346 |
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Name : |
Mr. Desh Kedarnath Verma |
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Designation : |
Director |
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Date of Appointment : |
15.05.1989 |
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DIN No. : |
00064077 |
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Name : |
Mr. Manish Balkishan Chokhani |
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Designation : |
Director |
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Date of Appointment : |
23.11.2001 |
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DIN No. : |
00204011 |
KEY EXECUTIVES
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Name : |
Mr. Saini |
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Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
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No. of Shares |
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Shri V.D. Goenka |
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974119 |
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Shri Ravi Goenka |
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1251810 |
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Shri Rajeev Goenka |
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1207200 |
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Shri Desh Verma |
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10010 |
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Shri Uma Shankar Mod |
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10 |
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Smt. Manisha R. Goenka |
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788010 |
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Smt. Vimla Devi Goenka |
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291120 |
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Shri Sandeep Ruia |
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100 |
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Shri Sandeep Ruia – HUF |
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100 |
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Seema Ruia and Sanjay Ruia |
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100 |
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Sanjay Ruia and Seema Ruia |
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100 |
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Pushpa Devi Ruia and Sandeep Ruia |
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100 |
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Shri Nilesh Ruparel (NRI) |
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12500 |
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Shri Brij Mohan Mishra (NRI) |
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100000 |
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Smt. Suman Mishra (NRI) |
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50000 |
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Mast. Harshvardhan Goenka |
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281000 |
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Industrial Development Bank of |
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684000 |
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425000 |
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470000 |
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Smt. Aditi Goenka |
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730000 |
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Shri Rajiv Goenka and Smt. Manisha Goenka |
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13000 |
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Shri Vishwas Kunte |
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11500 |
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Smt. Vibha Bhandari |
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2000 |
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Miss Avantika Goenka |
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1260000 |
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Brady Investments Private Limited |
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198000 |
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Shri Vishwas Kunte and Smt. Aparna V. Kunte |
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10000 |
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Master Aryavrat Goenka |
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37500 |
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Mrs. Hansa K. Agarwal and Mr. Kailash Agarwal |
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192000 |
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Total |
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8999279 |
As on 27.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
3.10 |
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Bodies corporate |
2.27 |
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Directors or relatives of Directors |
86.13 |
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Other top fifty shareholders |
1.00 |
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Public Financial Companies |
7.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Acetyls and Diketene Derivatives. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
#
Installed Capacity |
Actual
Production |
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Acetic Acid |
M.T. |
NA |
34000 |
345 |
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Acetaldehyde |
M.T. |
NA |
23000 |
565 |
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Ethyl Acetate |
M.T. |
NA |
51000 |
43239 |
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Ethyl Alcohol |
KL. |
NA |
13200 |
-- |
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Ethyl Alcohol* |
KL. |
NA |
9450 |
2154 |
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Diketene and Derivatives (Mono Methyl Aceto Acetamide and Acetic Acid) |
M.T. |
NA |
10000 |
11 |
Notes:
# As certified by the Management.
Industrial Licence is not required for the company’s products and hence
licenced capacities are not stated.
* Ethyl Alcohol production capacity arrived at after due consideration
of seasonal impact.
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
Notes :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dayal and Lohia Chartered Accountant |
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Address : |
Kamanwala Chambers, 1st Floor, Office No. 6 and 7, Sir P.M.
Road, Fort, Mumbai – 400001, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4827410 |
Equity Shares (Fully Paid Up) |
Rs.10/- each |
Rs.48.274
Millions |
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4171869 |
Equity Shares (Partly Paid Up) |
Re.1/- each |
Rs.4.172
Millions |
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Total |
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Rs.52.446 Millions |
Note :-
Of the above, 1,92,000 equity shares have been issued as fully paid up during the year which shall rank pari passu in all respects with the existing equity shares of the company except that they shall only rank for dividend in the year of allotment pro-rata from the date of such allotment up to the end of company's financial year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
52.446 |
50.526 |
50.526 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
412.335 |
286.955 |
269.674 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
464.781 |
337.481 |
320.200 |
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LOAN FUNDS |
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1] Secured Loans |
524.571 |
295.320 |
204.624 |
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2] Unsecured Loans |
196.415 |
137.077 |
137.077 |
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TOTAL BORROWING |
720.986 |
432.397 |
341.701 |
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DEFERRED TAX LIABILITIES |
84.806 |
67.663 |
59.742 |
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TOTAL |
1270.573 |
837.541 |
721.643 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
899.931 |
478.480 |
441.075 |
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Capital work-in-progress |
7.948 |
7.943 |
23.790 |
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INVESTMENT |
59.915 |
16.576 |
16.576 |
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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 |
163.586
|
198.942 |
128.488 |
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Sundry Debtors |
381.745
|
273.331 |
265.179 |
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Cash & Bank Balances |
42.408
|
54.312 |
16.443 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
204.887
|
141.334 |
154.709 |
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Total
Current Assets |
792.626
|
667.919 |
564.819 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
483.848
|
330.421 |
278.469 |
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Provisions |
5.999
|
2.956 |
46.148 |
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Total
Current Liabilities |
489.847
|
333.377 |
324.617 |
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Net Current Assets |
302.779
|
334.542 |
240.202 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1270.573 |
837.541 |
721.643 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2126.501 |
2063.030 |
1645.146 |
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Other Income |
15.062 |
7.188 |
1.956 |
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TOTAL (A) |
2141.563 |
2070.218 |
1647.102 |
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Less |
EXPENSES |
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Increase / (Decrease) in Stock |
1.405 |
(18.568) |
18.888 |
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Cost of Traded Goods Sold |
57.559 |
31.470 |
43.222 |
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Raw Material Consumption |
1435.228 |
1414.380 |
931.306 |
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Stores Consumed |
20.733 |
39.377 |
32.916 |
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Power and Fuels |
119.867 |
155.306 |
170.637 |
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Packing Materials |
46.785 |
35.621 |
46.815 |
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Employees Cost |
44.766 |
41.225 |
34.026 |
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Repairs and Maintenance |
9.701 |
14.347 |
15.522 |
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Directors Remuneration |
7.750 |
7.750 |
8.870 |
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Establishment and Other Expenses |
89.965 |
72.863 |
66.597 |
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Selling and Distribution Expenses |
81.824 |
103.325 |
83.464 |
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Loss due to Forex Fluctuations |
(0.135) |
37.678 |
0.000 |
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TOTAL (B) |
1915.448 |
1934.774 |
1452.263 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
226.115 |
135.444 |
194.839 |
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Less |
FINANCIAL
EXPENSES (D) |
27.612 |
40.855 |
29.206 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
198.503 |
94.589 |
165.633 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.717 |
58.242 |
50.695 |
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PROFIT BEFORE
TAX (E-F) (G) |
137.786 |
36.347 |
114.938 |
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Less |
TAX (I) |
41.544 |
16.110 |
43.790 |
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PROFIT AFTER TAX
(G-I) (J) |
96.242 |
20.237 |
71.148 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
176.955 |
159.674 |
147.392 |
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Less |
APPROPRIATIONS |
|
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|
|
|
|
Transfer to General Reserve |
50.000 |
0.000 |
50.000 |
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|
|
Dividend |
5.144 |
2.526 |
7.579 |
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Tax on Dividend |
0.854 |
0.430 |
1.288 |
|
|
BALANCE CARRIED
TO THE B/S |
217.199 |
176.955 |
159.673 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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Export Earnings |
477.193 |
560.170 |
541.666 |
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TOTAL EARNINGS |
477.193 |
560.170 |
541.666 |
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IMPORTS |
|
|
|
|
|
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Raw Materials |
874.310 |
588.451 |
120.402 |
|
|
|
Traded Goods |
19.760 |
31.470 |
0.000 |
|
|
|
Capital Goods |
6.621 |
1.102 |
0.000 |
|
|
TOTAL IMPORTS |
900.691 |
621.023 |
120.402 |
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|
|
|
|
Earnings Per
Share (Rs.) |
18.35 |
4.01 |
14.08 |
|
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
2250.000 (Approximately) |
|
|
|
|
|
Expected Sales ( 2011-2012 ) : Rs.2300.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.49
|
0.98 |
4.32 |
|
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|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.48
|
1.76 |
6.99 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.14
|
3.17 |
11.43 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.11 |
0.36 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.60
|
2.27 |
2.08 |
|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
2.00 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE :
During the financial year ended 31st March 2010, the company recorded net sales at Rs. 2126.500 millions compared to Rs. 2066.300 millions in the previous financial year. In the financial year, Profit before Tax stood at Rs. 137.800 millions compared to Rs. 36.300 millions in the previous year.
Net profit after tax was Rs. 96.200 millions compared to Rs. 20.200 millions in the previous financial year.
Net sales in value terms grew by 3% over the previous financial year. However, net profit before tax jumped by nearly 279% and net profit after tax increased by 376%, reflecting the gains in forex management, operating efficiencies, control over expenses and better sales realization.
This recovery in performance together with the successful
commissioning of the Diketene Plant in the
FORM 8 :
|
Corporate
identity number of the company |
U24200MH1989PLC051736 |
|
Name of the
company |
LAXMI ORGANIC INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-22/2/3, MIDC, Mahad, District Raigad – 402309, |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10184239 |
|
Type of charge |
Book debts Movable property |
|
Particular of
charge holder |
IDBI Bank Limited, |
|
Nature of
instrument creating charge |
Letter of IDBI
Bank Limited bearing No. 227/MCG/LOIL dated 14/06/2010 canceling undisbursed
portion of Rs. 220.000 millions out of total Term Loan of Rs. 420.000
millions. |
|
Date of
instrument Creating the charge |
14.06.2010 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: As per the Loan
Agreement dated 12th October, 2009 executed by the company in favour of IDBI as
amended from time to time. Terms of
repayment : As per the Loan
Agreement dated 12th October, 2009 executed by the company in favour of IDBI
as amended from time to time. Margin : As per the Loan
Agreement dated 12th October, 2009 executed by the company in favour of IDBI
as amended from time to time. Extent and
operation of the charge : The charge
operates as security inter alia as 1. 1st pari passu
charge on all movable assets located at A/22/2/3, A/22/2/3(P), A-22/2/2 and Diketene Project situated at B/2/2,
B-3/1/1 MIDC Mahad Industrial Area, Dist. Raigad, Maharashtra both present
and future 2. 2nd pari passu
charge basis on entire current assets of the company both present and future
to secure RTL of Rs. 420.000 millions with all costs, expenses other monies
whatever stipulated in Loan Agreement dt. 12.10.2009 as amended time to time. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
pari passu 1st
charge on whole of the movable fixed assets including plant and machinery
situated at A/22/2/3, A/22/2/3(P), A-22/2/2 and B/2/2, B-3/1/1 MIDC, Mahad Industrial Area,
Raigad, Maharashtra. pari passu 2nd
charge on whole of the current assets both present and future both present and
future, more particularly described in the Deed of Hypothecation dated 12.10.2009 executed by
the company. |
|
Particulars of
the present modification |
By present
modification the sanctioned Term Loan stands reduced from Rs. 420.000
millions to Rs. 200.000 millions. |
FIXED ASSETS :
- Building (Residential)
- Office Premises
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Computers
- Airconditioner
- Vehicles
- Storage Terminal
- Wind Mill
- Technical Know-how and Non Compete Fees
WEB SITE DETAILS
PROFILE
Subject was born
in 1990, with the objective to setup alcohol based chemical plants.
The first plant was set up with the capacity of 12 tonnes per day of
Acetaldehyde and 20 tonnes per day of Acetic acid with the primary raw material
being Ethyl alcohol. This was procured from the local sugar factories in India.
Subsequently, Laxmi Organics expanded over the years in terms of volume of
production as well as broader product range such as, Ethyl acetate and Butyl
acetate.
Today Laxmi Organics has the capacity to produce 60,000 tonnes of Acetic acid
per year and 50,000 tonnes Ethyl/Butyl acetate per year. They also have
capacity to produce 30,000 tonnes per year of Acetaldehyde. They have recently
set up their own Ethyl alcohol manufacturing plant with the production capacity
of 50 KL per day.
The plant is today one of the best run plants in India with one of the largest
capacities of Ethyl and Butyl acetate production.
Their high quality standards and consistency in timely delivery, have today
propelled us to be rated as one of the most reliable suppliers to the coating,
paints, printing inks, and flexible packaging and pharmaceutical industry. They
export their products all over the world and our products are well accepted in
major overseas markets
They have recently bought over a company of Diketene and its derivatives as a
diversification. The plant was originally located at Thane. The plant has been
acquired from a company called Clariant India limited. They have now
successfully relocated the plant to their green field site at Mahad which is a
chemical hub and they are now under commercial production of all the Diketene
derivatives.
Management Team Profile
Ravi V. Goenka - Managing Director
Chemical Engineer having more than 25 years of experience in industry,
trading and education field. As an entrepreneur, has set up chemical industries
to manufacture alcohol, alcohol based chemicals and specialty chemicals for
pharma, pigment, packaging, cosmetic, flavors and agrochemicals sectors.
A. K. Dudhane – President
Chemical Engineer having more than 30 years of experience in operations,
process design, engineering and construction of nuclear, petrochemicals and
chemical process industry. Has set up industrial units in petrochemicals,
alcohol, alcohol based chemicals and specialty chemicals.
N. K. Rao - Vice President –
Marketing
Graduate in Chemistry with Diploma in Marketing Management having more
than 30 years experience in marketing alcohol based chemicals, solvent and
developing new domestic markets. Exploring new products in the areas of
specialty chemicals
S.B. Pathare - Vice-President –
Operations
Chemical Engineer with Diploma in Business Management having more than 20
years of experience in operations of alcohol distillery and alcohol based
chemical industry. Experience in plant construction and operations of large
size plants.
B. K. Kabra
Graduate in Commerce with Masters in Marketing Management having more
than 15 years experience in alcohol and solvent marketing , developing new
domestic and export markets. Major market focus on European markets.
R. K. Mehta - Sr. General Manager –
Finance and Accounts
Chartered
accountant with more than 25 years of experience in the field of finance,
banking, RBI matters, secreterial work with emphasis on financial efficiency,
better accounting systems and overall business growth.
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.44.52 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.