MIRA
INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SHRI BAJRANG ALLOYS LIMITED |
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Registered
Office : |
521/C, Urla Industrial Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.08.1990 |
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Com. Reg. No.: |
10-005964 |
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Capital
Investment/ Paid-up Capital: |
Rs.90.000
millions |
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CIN No.: [Company Identification
No.] |
L27103CT1990PLC005964 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturers of Angle, Beam, Joist, Channel,
Elastic Rail Clip, Flat, Tor Steel and Other Steel Items. |
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No. of
Employees: |
300 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 780000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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/ Factory : |
521/C, Urla Industrial Complex, |
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Tel. No.: |
91-771-2324281/ 2324282/ 4288000 |
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Fax No.: |
91-771-2323629/ 4288001 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 31.03.20010
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Name : |
Mr. Suresh Goel |
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Designation : |
Chairman |
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Name : |
Mr. Anand Goel |
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Designation : |
Managing Director |
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Name : |
Mr. Vikash Kumar Khedia |
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Designation : |
Director |
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Name : |
Mr. Dinesh Agrawal |
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Designation : |
Director |
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Name : |
Mr. Ramesh Chandra Gupta |
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Designation : |
Director |
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Name : |
Mr. Narendra Goel |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1,452,069 |
16.13 |
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3,958,900 |
43.99 |
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3,958,900 |
43.99 |
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5,410,969 |
60.12 |
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Total shareholding of Promoter and Promoter Group (A) |
5,410,969 |
60.12 |
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(B) Public Shareholding |
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1,391,649 |
15.46 |
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1,185,029 |
13.17 |
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1,001,190 |
11.12 |
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11,163 |
0.12 |
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9,570 |
0.11 |
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1,593 |
0.02 |
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3,589,031 |
39.88 |
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Total Public shareholding (B) |
3,589,031 |
39.88 |
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Total (A)+(B) |
9,000,000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
9,000,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Angle, Beam, Joist, Channel,
Elastic Rail Clip, Flat, Tor Steel and Other Steel Items. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Structural Steels |
M.T. |
|
60000.000 |
47709.360 |
GENERAL INFORMATION
|
Customers : |
·
Hindustan Construction Company
Limited ·
Reliance Industries Limited ·
Thyssenkrupp Industries India Private
Limited ·
Afcons Infrastructure Industries
Limited ·
Siemens Limited ·
SNC Power Corporation (Private)
Limited ·
Gammon India Limited ·
Jyoti Structures Limited ·
KEC International Limited ·
L and T Limited ·
Soma Enterprises Limited ·
Hindalco Industries Limited ·
SAMSUNG |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R K Singhania and Associates Chartered Accountants |
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Associate Companies: |
Shri Bajrang Metalics and Power Limited Shri Bajrang Power and Ispat Limited Shri Bajran Ispat and Plywood Limited Shri Bajrang Hydro Energy Private Limited S B Multimedia Private Limited Shimmer Investments Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
1000000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Total |
|
Rs. 210.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
9000000 |
Equity Shares |
Rs.10/- each
|
Rs.90.000
millions |
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Note:
(Of the above shares, 8000000 shares are
allotted as fully paid up by way of bonus shares by capitalization of security
premium and general reserve.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
90.000 |
90.000 |
90.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
105.375 |
84.672 |
54.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
195.375 |
174.672 |
144.800 |
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LOAN FUNDS |
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1] Secured Loans |
231.960 |
181.718 |
165.900 |
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2] Unsecured Loans |
318.592 |
29.611 |
42.700 |
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TOTAL BORROWING |
550.552 |
211.329 |
208.600 |
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DEFERRED TAX LIABILITIES |
4.065 |
4.556 |
0.000 |
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TOTAL |
749.992 |
390.557 |
353.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.409 |
39.094 |
37.900 |
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Capital work-in-progress |
18.683 |
18.683 |
0.000 |
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INVESTMENT |
11.331 |
11.652 |
11.700 |
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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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|
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Inventories |
318.064
|
233.687
|
219.700
|
|
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Sundry Debtors |
212.656
|
71.154
|
118.400
|
|
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Cash & Bank Balances |
11.291
|
0.906
|
1.800
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
196.601
|
81.695
|
119.500
|
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Total
Current Assets |
738.612
|
387.442
|
459.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditor |
8.574
|
17.664
|
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Other Current Liabilities |
32.259
|
36.509
|
126.300
|
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Provisions |
12.210
|
12.141
|
29.300
|
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Total
Current Liabilities |
53.043
|
66.314
|
155.600
|
|
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Net Current Assets |
685.569
|
321.128
|
303.800
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
749.992 |
390.557 |
353.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Net Turnover |
1630.910 |
1957.771 |
2200.400 |
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Other Income |
1.198 |
0.689 |
0.700 |
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TOTAL (A) |
1632.108 |
1958.460 |
2201.100 |
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Less |
EXPENSES |
|
|
|
|
|
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Raw Materials Consumed |
1338.614 |
1659.787 |
1755.400 |
|
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Trading Material Purchases |
65.475 |
20.979 |
0.000 |
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Payment to and provision for employees |
5.892 |
5.735 |
0.000 |
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|
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Administrative Expenses |
7.059 |
5.900 |
|
|
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|
Excise Duty |
0.000 |
0.000 |
269.100 |
|
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Power & Fuel |
0.000 |
0.000 |
96.600 |
|
|
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Other Manufacturing Expenses |
95.335 |
99.389 |
11.100 |
|
|
|
Employees Cost |
0.000 |
0.000 |
4.900 |
|
|
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Selling and Administrative Expenses |
60.891 |
67.962 |
64.800 |
|
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
4.100 |
|
|
|
Increase/(Decrease) in Finished Goods |
[6.047] |
32.429 |
(86.600) |
|
|
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TOTAL (B) |
1567.219 |
1892.181 |
2119.400 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
64.889 |
66.279 |
81.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.281 |
24.621 |
24.400 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.608 |
41.658 |
57.300 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.388 |
12.309 |
8.700 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
30.220 |
29.349 |
48.600 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
9.518 |
10.037 |
16.600 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
20.702 |
19.312 |
32.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
51.113 |
31.271 |
-- |
|
|
|
|
|
|
|
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|
Add |
Last year
proposed dividend including CDT Written back |
-- |
10.530 |
-- |
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
61.815 |
51.113 |
-- |
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Earnings |
2.427 |
55.735 |
NA |
|
|
TOTAL EARNINGS |
2.427 |
55.735 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.30 |
-- |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
31.03.2011 (4th Quarter) |
|
Net Sales |
400.590 |
348.920 |
429.760 |
430.550 |
|
Total Expenditure |
378.690 |
334.790 |
409.100 |
410.850 |
|
PBIDT (Excl OI) |
21.900 |
14.130 |
20.660 |
19.700 |
|
Other Income |
0.060 |
0.900 |
0.090 |
0.450 |
|
Operating Profit |
21.960 |
15.030 |
20.750 |
20.160 |
|
Interest |
11.810 |
6.680 |
10.510 |
9.650 |
|
PBDT |
10.150 |
8.350 |
10.240 |
10.610 |
|
Depreciation |
2.050 |
1.940 |
2.000 |
2.160 |
|
Profit Before Tax |
8.100 |
6.410 |
8.240 |
8.450 |
|
Tax |
2.750 |
2.150 |
2.830 |
2.340 |
|
Profit After Tax |
5.350 |
4.260 |
5.410 |
6.110 |
|
Extraordinary
Items |
0.000 |
(0.040) |
0.000 |
0.000 |
|
Net Profit |
5.350 |
4.220 |
5.410 |
6.110 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.27
|
0.99
|
1.45
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.85
|
1.50
|
2.21
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.91 |
6.88
|
9.55
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17
|
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
1.59
|
2.52
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.92
|
5.84
|
2.95
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Incorporated in 1990, Subject has grown in to a strong contender in its
field and set an example for others to follow.
The company produces a range of mild steel structural and electric rail clips
and is a market leader in its products. It caters to the requirements of
industrial sector besides contributing in large to electrification projects of
Indian Railways, various State Electricity Boards, Power Projects, and Telecom
Sector.
Goel Group was primarily engaged in rice milling and timber trade and a
supplier of sleepers to railways. With a zeal to grow in the core sector of the
economy it diversified into steel. Although a medium scale unit, it comes into
top 10 manufacturers of structural in
During the year 1999-2000, the product range has further been enhanced
by the addition of various sections in angle for entering power distribution
tower area.
REVIEW
OF OPERATIONS:
The Company is engaged in the business of manufacturing of steels. The Company’s financial performance has been adversely affected due to global financial crisis and extraordinary economic environment resulting in slow down of demand and sharp correction in iron and steel products. Revenue for current financial year stood at Rs. 1753.552 Millions and profit after tax is Rs. 20.702 Millions as compared to revenue of Rs. 2202.116 Millions and profit after tax Rs. 19.312 Millions in the previous financial year. The total sale (manufactured and traded goods) was of 50288.870 MT of value Rs. 1753.552 Millions as compared to 49105.220 MT of value Rs. 2202.116 Millions in the previous financial year 2008-09.
The company has manufactured 47709.36 MT of Structural Steels as compared to 49033.80 MT in the previous financial year 2008-09. The capacity utilization was 79.52% in the current financial year as compared to 81.72% in the previous financial year. The reduction in the capacity utilization was made due to the economic withdrawal. The reduction in the global demand of steel resulted in the declined amount of cross border turnover which was overall reflected in the aggregate turnover of the Company. Although the Company continued to sustain its profitable position as it is better equipped to deal with market turbulence due to relatively stronger domestic demand, its competitive position in cost of production and growing competence of human resources.
MARKETING AND EXPORT:
Export has been extensively less because the price was low as well as the demand was less in the world market. The amount of export of the Company has been tremendously declined during the year due to less demand, the total amount of export in the current financial year is of Rs. 2.427 Millions as against the Rs. 55.735 millions in the previous financial year through cross border transactions. The Directors are positive and hopeful towards the future growth.
WEBSITE DETAILS:
Subject is one of the largest steel Rolling Mill in
Company revenues and profits have grown substantially since
its inception while constantly expanding its customer base. Based at
Company is very proud to receive the ISO 9001 certification
in recognition to its Quality system Standardisation. A Major factor of its growth
has been its deep commitment.
ISI
SPECIFICATION
All the products made by company have satisfied the norms of
ISI without any consideration to prescribed tolerance allowances.
ISO
CERTIFICATION
DNV-NETHERLANDS has certified the quality system of Subject
and Awarded the Certification of ISO 9001: 2000 For ' Manufacturing and
Marketing of Rolled Steel Products.
Profile:
Subject is being recognized as one of the largest structural
Rolling Mill in the state of Chattisgarh spread over 33 acres of land. The
products of the company are a model for other rolling mills in the country.
Company plays on important role in the National effort to build a strong and
self-reliant industrial base. Company has been commissioned by adopting the
most modern and advanced technology. It involves systematic application of
latest machinery and techniques to develop high quality end-products. The Board
of Directors of company are well qualified and have commendable experience with
sound financial back ground and good market reputation.
Company has employed technically qualified, well experienced
and trained engineering professionals who are well-versed with the concepts of
productivity and quality-control. Company even imparts in-house training to
un-skilled personnel from time to time.
INFRASTRUCTURE
Company has an annual rolling capacity of 50,000 M.T, This
project has been designed and installed by expert project engineers and
possesses the following key hardware.
FURNACE
Company has adopted the most modern and advanced
technological know-how installing sophisticated machines. The furnace is
oil-Fired with two zones re-heating system. The most important idea of energy
consumption is being made by putting Ceramic wool and also equipped with heat
recovery recuperated resulting in fast heating. Lower fuel consumption as well
as penetrating heat up to the core of bloom and billets. The Furnace is so
designed that the heat energy is being utilized at its maximum to control cost
of production so as to meet the Temperature all through the process is being
maintained as per specification to obtain consistent quality.
CONVEYOR TABLES
Roller tables, Tilting Tables, Shifting Tables, etc. are
installed to minimize the period of operation in process. These ultra modern
installations in the Mill take only 55 second to produce end-product
maintaining temperature as per specification for getting streamlined quality.
Fixed
Assets:
- Other Building
- Plant and
Machinery
- Rolls
- Furniture and
Fixture
- Computer
- Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2010
Rs. In Millions
|
Particulars |
Quarter ended 30.09.2010 Unaudited |
Six Months 30.09.2010 Unaudited |
|
Gross sales / income from operations |
380.136 |
818.726 |
|
Less: Excise Duty |
31.212 |
69.215 |
|
Net Sales / Income from Operations |
348.924 |
749.511 |
|
Other Operating Income |
0.897 |
0.959 |
|
Total Income |
349.821 |
750.470 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock |
(22.980) |
(6.815) |
|
(b) Consumption of Raw Materials |
301.827 |
600.181 |
|
(c) Purchase of traded goods |
23.547 |
48.613 |
|
(d) Manufacturing and Staff Expenses |
20.863 |
42.410 |
|
(e) Depreciation |
1.940 |
3.991 |
|
(f) Other Expenditure |
11.529 |
29.087 |
|
Total Expenditure |
336.726 |
717.467 |
|
Profit before Interest |
13.095 |
33.003 |
|
Interest |
6.682 |
18.488 |
|
Profit after tax |
6.413 |
14.515 |
|
Provision for Tax (both
current and FBT) |
2.153 |
4.907 |
|
Extraordinary Items |
0.042 |
0.042 |
|
Net Profit after Tax |
4.218 |
9.566 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
90.000 |
90.000 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
|
Basic and Diluted EPS (In Rs. No Annualized) |
0.47 |
1.06 |
|
Public Share Holding |
|
|
|
- Number of Shares |
3589031 |
3589031 |
|
- Percentage of shareholding |
39.88% |
39.88% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
54109659 |
54109659 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
60.12% |
60.12% |
Note:
- The above
results reviewed by the audit committee and taken on record by the board
of directors at their meeting held on 12.11.2010 and have been subjected to
a limited review by the statutory auditors.
- Provision for
current tax is made on estimated basis. Deferred tax has been provided in
full year audited accounts.
- The company’s
operations fall under single segment.
- In terms of
amended clause 41 of the listing agreement, details of investor compliant
for the quarter ended 30.09.2010. beginning – 0, received – 0, disposed
off – 0, and pending – 0
- Previous
quarter and financial years figures were regrouped / rearranged wherever
necessary.
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars
|
30.09.2010 (Unaudited) |
|
Source
of Funds |
|
|
Share Capital |
90.000 |
|
Reserves and surplus |
114.914 |
|
Loan funds |
221.722 |
|
Deferred tax liability (net) |
4.065 |
|
Total
|
430.701 |
|
Application
of funds |
|
|
Fixed assets |
55.953 |
|
Investments |
14.564 |
|
Current assets, loans and advances |
|
|
a) Inventories |
276.917 |
|
b) Sundry debtors |
121.081 |
|
c) Cash and bank balances |
6.050 |
|
d) Loans, advances and deposits |
29.508 |
|
|
433.556 |
|
Less:
Current liabilities and provisions |
|
|
Liabilities |
66.894 |
|
Provisions |
6.478 |
|
Net current assets |
360.184 |
|
Total
|
430.701 |
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.44.68 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.