MIRA
INFORM REPORT
|
Report Date : |
04.03.2011 |
Note:
The correct name of the company is Bhagirathi
Agencies Private Limited.
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
B-17-19, Gharoli Dairy Farm, Near Mayur Vihar, Phase - III, New Delhi
– 110 096 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.03.1997 |
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Com. Reg. No.: |
55-085857 |
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CIN No.: [Company Identification
No.] |
U51909DL1997PTC085857 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business of sales representatives either on commission
on commission and profit sharing basis of all kinds of goods and materials. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
|
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 29000 |
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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 satisfactory track. Profit
margin is low. However, networth appears to be satisfactory. 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 : |
B-17-19, Gharoli Dairy Farm, Near Mayur Vihar, Phase - III, New Delhi
– 110 096, India |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ramesh Chand Bagla |
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Designation : |
Director |
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Address : |
A3/410, |
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Date of Birth/Age : |
02.04.1956 |
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Date of Appointment : |
17.03.1997 |
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DIN No.: |
01167497 |
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Name : |
Mr. Hitesh Kumar Bagla |
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Designation : |
Director |
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Address : |
B-17-19, Gharoli Dairy, Near Matyur Vihar, Phase III, |
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Date of Birth/Age : |
13.08.1976 |
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Date of Appointment : |
21.03.1997 |
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DIN No.: |
00603580 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Ramesh Chand Bagla |
|
12500 |
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Rani Bagla |
|
6250 |
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Hitesh Kumar Bagla |
|
6250 |
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Total |
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25000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of sales representatives either on commission
on commission and profit sharing basis of all kinds of goods and materials. |
GENERAL INFORMATION
|
Bankers : |
·
Standard Chartered Bank, 10, ·
State Bank of Saurashtra, Patparganj, ·
ABN
Amro Bank ·
Kotak Mahindra Bank Limited ·
Jammu and Kashmir Bank Limited ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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Name : |
Jindal and Company Chartered Accountants |
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Address : |
3803, |
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Tel No.: |
91-11-23270584/ 23277249/ 23260861 (R) 28759057/ 28752159 |
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Fax No.: |
91-11-23254387 |
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Email : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 Millions |
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(Of the above shares 17000 shares are allotted as fully paid up by way
of bonus shares)
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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.730 |
3.790 |
3.239 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.230 |
6.290 |
5.739 |
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LOAN FUNDS |
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1] Secured Loans |
19.475 |
13.694 |
15.171 |
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2] Unsecured Loans |
4.906 |
2.594 |
3.480 |
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TOTAL BORROWING |
24.381 |
16.288 |
18.651 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.611 |
22.578 |
24.390 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.345 |
1.660 |
1.018 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.057 |
0.022 |
0.022 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.364
|
2.819
|
8.034 |
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Sundry Debtors |
32.062
|
10.100
|
12.627 |
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Cash & Bank Balances |
1.036
|
0.574
|
0.915 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
5.242
|
11.386
|
7.060 |
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Total
Current Assets |
51.704
|
24.879
|
28.636 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
20.939
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|
5.286 |
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Other Current Liabilities & Provisions |
0.556
|
0.840
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Total
Current Liabilities |
21.495
|
3.983
|
5.286 |
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Net Current Assets |
30.209
|
20.896
|
23.350 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.611 |
22.578 |
24.390 |
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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 |
393.507 |
203.331 |
190.808 |
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Other Income |
0.335 |
0.370 |
0.199 |
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TOTAL |
393.842 |
203.701 |
191.007 |
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Less |
TOTAL EXPENSES |
392.083 |
202.573 |
189.921 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.759 |
1.128 |
1.086 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.417 |
0.236 |
0.235 |
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PROFIT BEFORE
TAX |
1.342 |
0.892 |
0.851 |
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Less |
TAX |
0.403 |
0.341 |
0.335 |
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PROFIT AFTER TAX
|
0.939 |
0.551 |
0.516 |
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Earnings Per
Share (Rs.) |
37.57 |
22.36 |
20.62 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.24 |
0.27
|
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.34 |
0.44
|
0.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.53 |
3.36
|
2.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.14
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0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.35 |
3.22
|
4.17 |
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Current Ratio (Current Asset/Current Liability) |
|
2.41 |
6.25
|
5.42 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U51909DL1997PTC085857 |
|
Name of the
company |
BHAGIRATHI AGENCIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B-17-19, Gharoli Dairy Farm, Near Mayur Vihar, Phase - III, New Delhi
– 110 096, India E-Mail: bhagirathi@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10181769 |
|
Type of charge |
Book Debts Others (1st
and exclusive charge over current assets) |
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Particular of
charge holder |
Standard Chartered Bank, 10, E-Mail: Sunil.Ganguly@sc.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation Agreement
(Supplemental) |
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Date of instrument
Creating the charge |
04/05/2010 |
|
Amount secured by
the charge |
Rs.25.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per facility
letter dated 28.04.2010 Terms of
Repayment: As per facility
letter dated 28.04.2010 Margin: As per facility
letter dated 28.04.2010 Extent and
Operation of the charge: Extent and
Operation - 100% |
|
Short particulars
of the property charged |
Hypothecation by
way of first and exclusive charge over all present and future current assets
of the company stored or to be stored at the company's godowns or premises or
wherever else the same may be. |
|
Particulars of
the present modification |
Bank's first and exclusive
charge over all present and future current assets of the company stored or to
be stored at the company's godowns or premises or wherever else the same may
be, already registered for Rs.17.500 millions shall stand enhanced to
Rs.25.000 millions . |
FIXED ASSETS:
·
Water Filter
·
Computer
·
Computer Printer
·
Computer Software
·
Fax Machine
·
EPBAX
·
Pagers
·
Generator
·
Scooter
·
Car
·
Water Cooler
·
Machine
·
Air Cooler
·
Air Conditioner
·
Furniture and Fixtures
·
Cellular Phones
·
Refrigerator
·
Water Pump
·
Cold Room
·
Vacuum Cleaner
·
Cycle
·
Stabilizer
·
Inverter
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 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.44.96 |
|
|
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.62.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.