MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
STERLING AGRO INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
11th Floor, Aggarwal Cyber Plaza – II, Netaji Subash Place,
Pitampura, New Delhi – 110034, Delhi |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.10.1991 |
|
|
|
|
Com. Reg. No.: |
189775 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.347.739 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01111DL1991PLC189775 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS24285C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS2278R |
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|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Skimmed Milk Powder, Whole Milk Powder, Dairy Whitener
And Pure Ghee |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5223960 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. 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 ggod for 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
11th Floor, Aggarwal Cyber Plaza – II, Netaji Subash Place,
Pitampura, New Delhi – 110034, Delhi, India |
|
Tel. No.: |
91-11-47008000 |
|
Fax No.: |
91-11-47008010 |
|
E-Mail : |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Mr. Kuldeep Saluja |
|
Designation : |
Director |
|
Address : |
S-329, Greater Kailash Part-II, New Delhi – 110048, Delhi, India |
|
Date of Birth/Age : |
10.06.1952 |
|
Date of Appointment : |
07.10.1994 |
|
|
|
|
Name : |
Ms. Laxmi Narain Kesarwani |
|
Designation : |
Director |
|
Address : |
ND-69, Visakha Enclave, Pitampura, New Delhi – 110034, Delhi, India |
|
Date of Birth/Age : |
19.07.1949 |
|
Date of Appointment : |
07.10.1999 |
|
|
|
|
Name : |
Mr. Ravin Saluja |
|
Designation : |
Director |
|
Address : |
S-329, Greater Kailash Part-II, New Delhi – 110048, Delhi, India |
|
Date of Birth/Age : |
29.04.1978 |
|
Date of Appointment : |
10.07.199 |
|
|
|
|
Name : |
Mr. Vivek Kesarwani |
|
Designation : |
Director |
|
Address : |
ND-69, Visakha Enclave, Pitampura, New Delhi – 110034, Delhi, India |
|
Date of Birth/Age : |
13.02.1978 |
|
Date of Appointment : |
10.07.1999 |
|
|
|
|
Name : |
Mr. Banarsi Lal Arora |
|
Designation : |
Director |
|
Address : |
FB/2, Bedia denga, First Lane, Kolkata – 700031, West Bengal, India |
|
Date of Birth/Age : |
11.08.1960 |
|
Date of Appointment : |
10.07.1999 |
|
|
|
|
Name : |
Ms. Vimal Kishore Agarwal |
|
Designation : |
Director |
|
Address : |
H-35, Gandhi Nagar, Gwalior – 250576, MadhyaPradesh, India |
|
Date of Birth/Age : |
02.02.1962 |
|
Date of Appointment : |
01.07.2000 |
|
|
|
|
Name : |
Mr. Sharad Saluja |
|
Designation : |
Director |
|
Address : |
S-329, Greater Kailash Part-II, New Delhi – 110048, Delhi, India |
|
Date of Birth/Age : |
10.02.1985 |
|
Date of Appointment : |
10.07.1999 |
|
|
|
|
Name : |
Mr. Pratik Gupta |
|
Designation : |
Director |
|
Address : |
409 Katra Maidgran Khari Baoli, Delhi – 110006, Delhi, India |
|
Date of Birth/Age : |
02.09.1984 |
|
Date of Appointment : |
02.01.2009 |
|
|
|
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
Director |
|
Address : |
352 Sector-1, Ambala City, Haryana |
|
Date of Birth/Age : |
26.01.1966 |
|
Date of Appointment : |
30.09.2003 |
|
|
|
|
Name : |
Mr. Raj Jaggi |
|
Designation : |
Director |
|
Address : |
H-501 Wonder City, Katraj, Pune – 411046, Maharashtra, India |
|
Date of Appointment : |
01.03.2010 |
|
|
|
|
Name : |
Mr. Mahindra Kumar Thapar |
|
Designation : |
Director |
|
Address : |
409 Katra Maidgran Khari Baoli, Delhi – 110006, Delhi, India |
|
Date of Appointment : |
01.05.2010 |
|
|
|
|
Name : |
Mr. Shreyansh Pratap Jain |
|
Designation : |
Director |
|
Address : |
B-6/1, Street No.2, Meet Nagar, Delhi – 110093, Delhi, India |
|
Date of Appointment : |
01.07.2010 |
|
Date of Ceasing : |
31.08.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kuldeep Saluja |
|
2709025 |
|
Ravin Saluja |
|
644250 |
|
Sharad Saluja |
|
57500 |
|
Raman Saluja |
|
305000 |
|
Laxmi Narain Kesarwani |
|
2497000 |
|
Laxmi Narain Kesarwani HUF |
|
130000 |
|
Vivek Kesarwani |
|
609000 |
|
Anuj Kesarwani |
|
1000 |
|
Sangeeta Kesarwani |
|
1000 |
|
Pallavi Saluja |
|
1000 |
|
Total |
|
6954775 |
AS ON 15.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Skimmed Milk Powder, Whole Milk Powder, Dairy Whitener
And Pure Ghee |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Licensed
Capacity |
Actual
Production |
|
MILK |
MTs |
|
103000 |
21348.590 |
|
SKIUMEO MILK |
MTs |
|
35000 |
-- |
|
GHEE |
MTs |
|
36500 |
16205.358 |
|
BUTTER |
MTs |
|
8000 |
6060.879 |
|
SKIMMED MILK POWDER |
MTs |
|
38000 |
22517.681 |
|
WHOLE MILK POWDER |
MTs |
|
8100 |
2237.524 |
|
DAIRY WHITENER |
MTs |
|
7750 |
751.281 |
|
INSTANT FOOD/DAIRY MIX |
MTs |
|
11000 |
3131.823 |
|
KHOYA |
MTs |
|
2000 |
-- |
|
BUTTER OIL'AMF |
MTs |
|
4000 |
2235.790 |
|
INSTANT LECHITH'NITATED FCMP |
MTs |
|
1000 |
-- |
|
VITAMIMIZED HEALTH SMP |
MTs |
|
6000 |
120 |
|
BUTTER Milk POWDER |
MTs |
|
2400 |
-- |
|
INSTANT FAT FILLED POWDER |
MTs |
|
3000 |
-- |
|
NONE DAIRY CREAMER |
MTs |
|
1500 |
-- |
|
BFVERAGE POWDER |
MTs |
|
3600 |
-- |
|
COTTAGE CHEESE (PANEER) |
MTs |
|
1200 |
-- |
|
ULTRA HEAT TREATED MILK |
MTs |
|
3000 |
-- |
Note:
1. Since the manufacturing of Milk Products is delicensed company has obtained
registration from the Government of India for and Annual Capacity Shown above.
2. Since the products are manufactured in the integrated plants. Hence
installed capacity of individual products is not ascertainable
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the management |
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Bankers : |
Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S K Sehra and Company Chartered Accountant |
|
Address : |
Flat 104 1st Floor, and Community Centre Naraina, New Delhi
– 110028, Delhi, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6954775 |
Equity Shares |
Rs.10/- each |
Rs.69.548
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
69.548 |
69.548 |
69.548 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1236.442 |
886.202 |
750.629 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1305.990 |
955.750 |
820.177 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2139.753 |
1161.725 |
1723.135 |
|
|
2] Unsecured Loans |
77.929 |
0.000 |
20.210 |
|
|
TOTAL BORROWING |
2217.682 |
1161.725 |
1743.345 |
|
|
DEFERRED TAX LIABILITIES |
97.322 |
89.334 |
85.668 |
|
|
|
|
|
|
|
|
TOTAL |
3620.994 |
2206.809 |
2649.190 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
851.723 |
723.987 |
617.180 |
|
|
Capital work-in-progress |
88.224 |
43.415 |
26.397 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.100 |
55.604 |
114.757 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1932.890
|
637.457 |
443.767 |
|
|
Sundry Debtors |
707.822
|
511.143 |
627.074 |
|
|
Cash & Bank Balances |
276.702
|
107.243 |
711.341 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
286.693
|
516.843 |
348.080 |
|
Total
Current Assets |
3204.107
|
1772.686 |
2130.262 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
224.566
|
221.391 |
65.327 |
|
|
Other Current Liabilities |
121.485
|
96.293 |
49.279 |
|
|
Provisions |
183.109
|
71.200 |
124.800 |
|
Total
Current Liabilities |
529.160
|
388.884 |
239.406 |
|
|
Net Current Assets |
2674.947
|
1383.802 |
1890.856 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3620.994 |
2206.809 |
2649.190 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9642.541 |
7074.290 |
7049.683 |
|
|
|
Other Income |
43.858 |
52.916 |
24.708 |
|
|
|
TOTAL (A) |
9686.399 |
7127.206 |
7074.391 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Finish Goods |
|
203.299 |
99.491 |
|
|
|
Manufacturing Expenses |
|
6346.424 |
6327.344 |
|
|
|
Personal Expenses |
NA |
36.244 |
28.386 |
|
|
|
Administrative Expenses |
|
94.882 |
99.050 |
|
|
|
Selling and Distribution Expenses |
|
155.725 |
133.347 |
|
|
|
Increased / (Decreased) In Finished Goods |
|
(148.028) |
(118.279) |
|
|
|
TOTAL
(B) |
NA |
6688.546 |
6569.339 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
438.660 |
505.052 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
129.245 |
50.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
309.415 |
454.722 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
98.038 |
91.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
542.509 |
211.377 |
363.098 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
184.159 |
75.805 |
130.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
358.350 |
135.572 |
232.928 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
358.097 |
1468.379 |
1580.185 |
|
|
TOTAL EARNINGS |
358.097 |
1468.379 |
1580.185 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1924.676 |
245.525 |
15.324 |
|
|
|
Capital Goods |
21.042 |
60.268 |
0.186 |
|
|
TOTAL IMPORTS |
1945.718 |
305.793 |
15.510 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.70
|
1.90 |
3.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.63
|
2.98 |
5.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.37
|
8.47 |
13.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.22 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.10
|
1.62 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.06
|
4.56 |
8.90 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate identity number of the company |
U01111DL1991PLC189775 |
|
Name of the company |
STERLING AGRO INDUSTRIES LIMITED |
|
Address of the registered office or of the
principal place of business in |
11th Floor, Aggarwal Cyber Plaza-II,
Netaji Subash Place, Pitampura, New Delhi – 110034, Delhi, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
STANDARD CHARTERED BANK |
|
Nature of instrument creating charge |
Memorandum of Entry. |
|
Date of instrument Creating the charge |
04/05/2011 |
|
Amount secured by the charge |
Rs.350.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Extent and Operation of the charge Pari Passu Charge. Others The Above Is To Secure The Credit
Facilities of Rs. 35.00 Crores or Eqv. To Foreign Currency. |
|
Short particulars of the property charged |
Hypothecation By Way of First Pari Passu Charge
Over All Present And Future Current Assets Of The Company Stored or To Be
Stored At 11th Floor, Aggarwal Cyber Plaza Ii, Netaji Subhash Place,
Pitampura, New Delhi-110034 or Wherever Else The Same May Be. Hypothecation By Way of First Pari Passu
Charge Over Movable Fixed Assets of The Company Including Its Movable Plant
And Machinery, Furniture And Fittings, Equipments, Computer Hardware,
Computer Software, Machinery Spares, Tools and Accessories And Other Movable
Fixed Assets Of The Company (Excluding Fixed Assets Located At Kasganj U.P.
and Movable Fixed Assets Purchased/To Be Purchased At Malanpur Out Of Hsbc's
T/Loan Of Rs. 120.000 Millions And Hdfc's T/Loan Of Rs.114.000 Millions)
Stored Or To Be Stored At 11th Floor, Aggarwal Cyber Plaza Ii, Netaji Subhash
Place, Pitampura, New Delhi-110034 Or Or Wherever Else The Same May Be. |
|
Date of instrument modifying the charge |
18/01/2011 |
|
Particulars of the present modification |
Credit Facilities Of Rs. 350.000 Millions
Already Secured By 1st P/Passu Charge Over C/Assets & Mov. F/A of The Co.
And Imm. Prop. At Malanpur, Tehsil Gohad, Distt. Bhind (M.P.) & Kundli,
Distt. Sonepat (H) Shall Now Adlly. Be Secured By 1st P/Passu Charge Over
Co's Imm. Prop. I.E. Office Space No.1171 On Eleventh Floor, Adm. Approx.
5188 Sq.Ft. Situated At Aggarwal Cyber Plaza Ii, Plot No.C-7, Netaji Subhash
Place, Pitampura, Delhi Together With All Buildings and Structures Thereon Or
To Be Thereon. |
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.