MIRA
INFORM REPORT
|
Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEIGHTON WELSPUN
CONTRACTORS PRIVATE LIMITED (w.e.f.
29.04.2011) |
|
|
|
|
Formerly Known
As : |
LEIGHTON
CONTRACTORS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
302-303, |
|
|
|
|
Country : |
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|
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|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.11.1998 |
|
|
|
|
Com. Reg. No.: |
11-117187 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1418.763 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U99999MH1998FTC117187 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML03930D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL3338D |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
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|
|
|
Line of Business
: |
Construction
Activities |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
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 records.
The company is doing well. 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. |
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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Prasad |
|
Designation : |
Accounts Executive |
LOCATIONS
|
Registered
Office / Head Office
: |
302-303, Windsor
Building 3rd Floor, CST Road, Vidyanagari Marg, Kalina, Santacruz
(East), Mumbai - 400 098, Maharashtra, India |
|
Tel. No.: |
91-22-67190000 /
26533589 |
|
Fax No.: |
91-22-67190199 /
26523979 |
|
E-Mail : |
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|
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|
Corporate
Office : |
3rd
Floor, Quadrant A, IL and FS Building, Bandra Kurla Complex, Mumbai – 400
051, |
|
Tel. No.: |
91-22-26533589 /
26533599 |
|
Fax No.: |
91-22-26523979 /
27570324 |
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E-Mail : |
|
|
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|
Branch Office
1/ Head Office : |
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|
Tel. No.: |
91-11-4608 8200 |
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Fax No.: |
91-11-2677 9427 |
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E-Mail : |
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Branch Office
2: |
Block No. 1 Unit A and B, G/F Temple Steps, 184-185, Anna
Salai, Saidapet |
|
Tel. No.: |
91-44-43114101 – 07 |
|
Fax No.: |
91-44-43114108 |
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E-Mail : |
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Engineering
and Construction Division: |
4/F |
|
Tel. No.: |
91-11-46088200 |
|
Fax No.: |
91-11-26779427 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rusell John
Waugh |
|
Designation : |
Director |
|
Address : |
133/7, Fountain Head, |
|
Date of
Birth/Age : |
25.04.1966 |
|
Date of
Appointment : |
24.09.2008 |
|
|
|
|
Name : |
Mr. James Douglas Michael Connolly |
|
Designation : |
Director |
|
Address : |
302-303, 3rd Floor, Windsor Building, CST Road, Vidyanagari
Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India |
|
Date of
Birth/Age : |
15.07.1967 |
|
Date of Appointment
: |
27.06.2005 |
|
|
|
|
Name : |
Mr. David George Savage |
|
Designation : |
Director |
|
Address : |
302-303, 3rd Floor, Windsor Building, CST Road, Vidyanagari
Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India |
|
Date of Birth/Age
: |
28.04.1960 |
|
Date of
Appointment : |
27.06.2005 |
|
|
|
|
Name : |
Mr. Richard John
Hemingway |
|
Designation : |
Director |
|
Address : |
302-303, 3rd Floor, Windsor Building, CST Road, Vidyanagari
Marg, Kalina, Santacruz (East), Mumabi - 400 098, Maharashtra, India |
|
Date of
Birth/Age : |
19.11.1963 |
|
Date of
Appointment : |
17.01.2007 |
|
|
|
|
Name : |
Mr. Devesh Shah |
|
Designation : |
Director |
|
Address : |
D-404 Anandnagar,
4th Floor, |
|
Date of
Birth/Age : |
03.12.1965 |
|
Date of
Appointment : |
20.11.1998 |
|
Date of
Ceasing : |
21.02.2000 |
|
|
|
|
Name : |
Mr. Nikesh Shah |
|
Designation : |
Director |
|
Address : |
Trivedi C-5, 2nd
Floor, |
|
Date of
Birth/Age : |
01.09.1968 |
|
Date of
Appointment : |
20.11.1998 |
|
Date of
Ceasing : |
21.02.2000 |
|
|
|
|
Name : |
Mr. Paul Edward
Gibney |
|
Designation : |
Director |
|
Address : |
6th
Floor, |
|
Date of
Birth/Age : |
03.11.1956 |
|
Date of
Appointment : |
20.11.1998 |
|
Date of
Ceasing : |
12.12.2000 |
|
|
|
|
Name : |
Mr. Thomas David
Davidson |
|
Designation : |
Director |
|
Date of
Birth/Age : |
30.12.1942 |
|
Date of
Appointment : |
21.12.1998 |
|
Date of
Ceasing : |
13.07.2000 |
|
|
|
|
Name : |
Mr. William
Kernot Hamilton |
|
Designation : |
Director |
|
Address : |
6th
Floor, |
|
Date of
Birth/Age : |
03.11.1954 |
|
Date of
Appointment : |
20.11.1998 |
|
Date of
Ceasing : |
06.02.2003 |
|
|
|
|
Name : |
Mr. Stephen Le
Cornu |
|
Designation : |
Director |
|
Address : |
6th
Floor, |
|
Date of
Birth/Age : |
04.06.1954 |
|
Date of
Appointment : |
01.12.2000 |
|
Date of
Ceasing : |
06.03.2003 |
|
|
|
|
Name : |
Mr. Eric Owen
Wardle |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of
Birth/Age : |
20.08.1963 |
|
Date of
Appointment : |
06.03.2003 |
|
Date of
Ceasing : |
27.06.2005 |
|
|
|
|
Name : |
Mr. Alan John
Hill |
|
Designation : |
Director |
|
Address : |
202, |
|
Date of
Birth/Age : |
22.12.1949 |
|
Date of
Appointment : |
27.06.2005 |
|
Date of
Cessation: |
07.04.2006 |
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|
|
|
Name : |
Mr.
Vineet Hari Mohan |
|
Designation : |
Director |
|
Address : |
D-8/1,
Vasant Vihar, |
|
Date of
Birth/Age : |
10.03.1970 |
|
Date of
Appointment : |
07.01.2008 |
|
Date of
Cessation: |
24.09.2008 |
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|
|
|
Name : |
Mr. Suresh
Seshadri |
|
Designation : |
Manager
|
|
Address : |
Flat
No. 202, Punshpam, Plot No. 6, Sector 21, Nerul, Navi Mumbai – 400706,
Maharashtra, India |
|
Date of
Birth/Age : |
12.07.1972 |
|
Date of
Appointment : |
03.07.2000 |
|
Date of
Cessation: |
28.04.2006 |
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|
|
|
Name : |
Mr.
Sujal Master |
|
Designation : |
Secretary
|
|
Address : |
B-8,
Asha Building, Dixit Road, Vileparle (East), Mumbai – 400057, Maharashtra,
India |
|
Date of
Birth/Age : |
07.06.1977 |
|
Date of
Appointment : |
17.11.2006 |
|
Date of
Cessation: |
13.02.2007 |
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|
|
|
Name : |
Mr.
Upendra Sharma |
|
Designation : |
Director
|
|
Address : |
302-303,
3rd Floor, Windsor Building, CST Road, Vidyanagri Marg, kalian,
Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
Date of Birth/Age
: |
19.11.1963 |
|
Date of
Appointment : |
17.01.2007 |
|
Date of
Cessation: |
08.12.2009 |
|
|
|
|
Name : |
Mr.
Michael James Connolly |
|
Designation : |
Australian
|
|
Address : |
302-303,
3rd Floor, Windsor Building, CST Road, Vidyanagri Marg, kalian,
Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
Date of
Birth/Age : |
15.07.1967 |
|
Date of
Appointment : |
27.06.2005 |
|
Date of
Cessation: |
04.09.2010 |
|
|
|
|
Name : |
Mrs. Ashwani
Kumar Sharma |
|
Designation : |
Secretary
|
|
Address : |
C-12/387,
Yamuna Vihar, Delhi – 110053, India |
|
Date of
Birth/Age : |
01.04.1971 |
|
Date of
Appointment : |
01.09.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Leighton International Limited Formerly Leighton Asia (Southern)
Limited, Cayman Islands |
|
141876310 |
|
Leighton Offshore Pte Limited Formerly Leighton Contractors
(Singapore) Pte Limited, Singapore |
|
1 |
|
|
|
|
|
Total |
|
141876311 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
As on 30.09.2010
|
Names of Shareholders |
No. of Equity Shares |
No. of Preference Shares |
|
Leighton
International Limited |
119012311 |
1000000 |
|
TOTAL |
119012311 |
1000000 |
BUSINESS DETAILS
|
Line of Business : |
Construction
Activities |
|
|
|
|
Terms : |
|
|
Selling : |
Credit ( 30 to 90
days ) |
|
|
|
|
Purchasing : |
Credit ( 30 to 90
days ) |
GENERAL INFORMATION
|
Customers : |
Corporate Customers |
|
|
|
|
No. of Employees : |
300 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and
Associates Chartered
Accountants |
|
Address : |
KPMG House, Kamala
Mills Compaound, 448, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, |
|
Tel. No.: |
91-22-39896000 |
|
Mobile No.: |
91-22-39836000 |
|
|
|
|
Holding Company : |
Leighton International
Limited (Formerly Known as Leighton Asia Southern Limited) |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
142500000 |
Equity Shares |
Rs.10/- each |
Rs.1425.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
141876311 |
Equity Shares |
Rs.10/- each |
Rs.1418.763
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 |
1418.763 |
710.613 |
63.413 |
|
|
2] Share Application Money |
0.000 |
615.135 |
0.000 |
|
|
3] Reserves & Surplus |
1349.414 |
66.790 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(95.104) |
|
|
NETWORTH |
2768.177 |
1392.538 |
(31.691) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2147.124 |
2064.128 |
1458.264 |
|
|
TOTAL BORROWING |
2147.124 |
2064.128 |
1458.264 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4915.301 |
3456.666 |
1426.573 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
956.709 |
1381.834 |
1133.159 |
|
|
Capital work-in-progress |
1.962 |
14.821 |
225.521 |
|
|
|
|
|
|
|
|
INVESTMENT |
1378.407 |
154.500 |
14.500 |
|
|
DEFERREX TAX ASSETS |
151.765 |
139.229 |
52.344 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
3849.040
|
4532.886
|
3370.058 |
|
|
Cash & Bank Balances |
833.966
|
186.120
|
32.132 |
|
|
Other Current Assets |
4017.302
|
5142.383
|
791.556 |
|
|
Loans & Advances |
1890.979
|
1698.989
|
916.588 |
|
Total
Current Assets |
10591.287
|
11560.378
|
5110.334 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
7959.491
|
9646.655
|
4995.895 |
|
|
Provisions |
205.338
|
147.441
|
113.390 |
|
Total
Current Liabilities |
8164.829
|
9794.096
|
5109.285 |
|
|
Net Current Assets |
2426.458
|
1766.282
|
1.049 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4915.301 |
3456.666 |
1426.573 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
18270.825 |
12652.928 |
8198.244 |
|
|
|
Other Income |
350.883 |
267.198 |
295.138 |
|
|
|
TOTAL (A) |
18621.708 |
12920.126 |
8493.382 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Sales and Administrative Cost |
16120.730 |
12137.007 |
8043.976 |
|
|
|
TOTAL (B) |
16120.730 |
12137.007 |
8043.976 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2500.978 |
783.119 |
449.406 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
347.758 |
188.498 |
95.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2153.220 |
594.621 |
353.489 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
262.009 |
296.898 |
226.473 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1891.211 |
297.723 |
127.016 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
608.687 |
135.829 |
60.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1282.524 |
161.894 |
66.721 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
66.789 |
(95.104) |
(159.489) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1349.414 |
66.789 |
(95.104)
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
3930.991 |
954.677 |
|
|
TOTAL EARNINGS |
NA |
3930.991 |
4885.668 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
620.115 |
0.000 |
|
|
|
Capital Goods |
NA |
20.267 |
0.000 |
|
|
TOTAL IMPORTS |
NA
|
640.382 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.51 |
9.45 |
0.66 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.88 |
1.25
|
0.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.35 |
1.71
|
1.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.37 |
6.89
|
94.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.68 |
0.16
|
(4.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.72 |
8.52
|
(161.22) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.18
|
1.00 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered Office of the company has been shifted from Block No. 210, 2nd Floor, Raheja
Arcade, Sector-2, C.B.D. Belapur, Navi Mumbai, Thane 400614,
BACKGROUND :
Subject was incorporated on 20 November 1998.
The company is a subsidiary of Lighton International Limited (formerly Known as
Leighton Asia (Southern) Limited) a company in the Cayman Islands.
The company is in the business of acquiring of
offering technical know-how on a contractual basis for construction of
commercial and industrial property, installation of plants equipment and
provision of other related services.
OPERATIONS :
During the year , the company has achieved
strong growth and continues to have good levels of work in hand as at balance
sheet date. Opportunities in each of the operating division of building.
Infrastructure and oil and gas remain strong. Results for the company for the
financial year are in line with expectation.
FIXED ASSETS
v Plant and Machinery
v Furniture
v Office Equipments
v Computer
v Vehicles
v Leasehold Improvements
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] 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. 44.94 |
|
|
1 |
Rs. 71.91 |
|
Euro |
1 |
Rs. 64.60 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
No |
|
--AFFILIATION |
YES/NO |
Yes |
|
--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.