MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
FINE-LINE CIRCUITS LIMITED |
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Registered
Office : |
145, SDF-V, SEEPZ-SEZ, Andheri (East), Mumbai – 400 096, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.10.1989 |
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Com. Reg. No.: |
11-131521 |
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CIN No.: [Company Identification
No.] |
L72900MH1989PLC131521 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03519F |
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PAN No.: [Permanent Account No.] |
AAACF0820C |
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Legal Form : |
A Public Limited Liability Company. The Company Shares Listed to the
Stock Exchange. |
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Line of Business
: |
Manufacture and Exporter of printed circuit board. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 366000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some losses being incurred by the company in current year. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution. |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Abhay B. Doshi |
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Designation : |
Marketing Manager |
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Contact No.: |
91-22-28290244 |
LOCATIONS
|
Registered Office : |
145, SDF-V, SEEPZ-SEZ, Andheri (East), Mumbai – 400 096, |
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Tel. No.: |
91-22-28290244 |
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Fax No.: |
91-22-28292554 |
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E-Mail : |
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Website : |
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Area : |
3000Sq.ft |
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Location : |
owned |
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High Technology Multi Layer Unit : |
148, SDF-V, Seepz-SEZ, Andheri (East), Mumbai - 400 096, |
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Tel. No.: |
91-877-876-3660 |
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E-Mail : |
DIRECTORS
As on 24.07.2010
|
Name : |
Mr. Bhagwandas T. Doshi |
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Designation : |
Director |
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Address : |
3-I, |
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Date of Birth/Age : |
24.04.1935 |
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Date of Appointment : |
09.10.1989 |
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DIN No : |
00040596 |
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Name : |
Mr. Abhay B. Doshi |
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Designation : |
Managing Director |
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Address : |
3-I, |
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Date of Birth/Age : |
16.04.1961 |
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Date of Appointment : |
26.04.1990 |
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DIN No : |
00040644 |
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Name : |
Mr. Gautam B Doshi |
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Designation : |
Director |
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Address : |
3-I, |
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Date of Birth/Age : |
18.10.1964 |
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Date of Appointment : |
22.09.1993 |
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DIN No : |
00328854 |
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Name : |
Mr. Vijay A. Kumbhani |
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Designation : |
Director |
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Address : |
106, Sujata Apartment, Kemps Corner, August Kranti Marg,
Mumbai-400036, |
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Date of Birth/Age : |
20.05.1960 |
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Date of Appointment : |
10.05.1991 |
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DIN No : |
00040702 |
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Name : |
Mr. Upendranath Nimmagadda |
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Designation : |
Director |
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Address : |
340, E, |
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Date of Birth/Age : |
01.09.1942 |
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Date of Appointment : |
10.05.1991 |
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Name : |
Mr. Rajendra V. Gandhi |
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Designation : |
Director |
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Address : |
Pradeep Niwas, |
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Date of Birth/Age : |
17.12.1949 |
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Date of Appointment : |
09.10.1989 |
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DIN No : |
00189197 |
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Name : |
Mr. Juzer M. Vasi |
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Designation : |
Director |
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Address : |
Department of Electrical Engineering IIT, Powai, Mumbai-400076, |
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Date of Birth/Age : |
25.08.1947 |
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Date of Appointment : |
26.06.2003 |
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DIN No : |
00040682 |
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Name : |
Ms. Apurva R. Shah |
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Designation : |
Director |
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Address : |
65, Sagar Mahal, |
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Date of Birth/Age : |
05.01.1970 |
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Date of Appointment : |
26.06.2006 |
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DIN No : |
0004781 |
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Name : |
Mr. Rajiv B. Doshi |
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Designation : |
Whole Time Director |
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Address : |
3-I, |
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Date of Birth/Age : |
28.03.1967 |
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Date of Appointment : |
01.04.2007 |
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DIN No : |
00651098 |
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Name : |
Mr. Premkumar M. R |
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Designation : |
Director |
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Address : |
101, |
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Date of Birth/Age : |
16.08.1945 |
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Date of Appointment : |
30.06.2007 |
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DIN No : |
00328942 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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|
1072742 |
22.31 |
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|
1072742 |
22.31 |
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Individuals
(Non –Residents Individuals / Foreign Individuals) |
175100 |
3.64 |
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|
175100 |
3.64 |
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Total
shareholding of Promoter and Promoter Group (A) |
1247842 |
25.95 |
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(B)
Public Shareholding |
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Financial
Institutions / Banks |
196466 |
4.09 |
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Sub Total |
196466 |
4.09 |
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|
254644 |
5.30 |
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|
1920465 |
39.94 |
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590425 |
12.28 |
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Any others (Specify) |
597944 |
12.44 |
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Non Resident Indian |
579161 |
12.05 |
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Clearing Members |
18783 |
0.39 |
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|
3363478 |
69.96 |
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Total
Public shareholding (B) |
3559944 |
74.05 |
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Total
(A)+(B)+(C) |
4807786 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacture and Exporter of printed circuit board. |
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Products : |
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Exports : |
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Products : |
Printed Circuit Boards |
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Countries : |
·
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Gulf Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
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Terms : |
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Selling : |
Cash, Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash, Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Printed Circuit Boards |
Sqm. |
NA |
17500 |
18495 |
GENERAL INFORMATION
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Customers : |
End Users OEM’s |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
·
Union Bank of ·
State Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
DKP and Associates Chartered Accountant |
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Address : |
610, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4807786 |
Equity Shares |
Rs. 10/- each |
Rs. 48.078
millions |
|
Add |
Forfeited Shares(Amount originally paid up on 37400 (37400) Equity
Shares ) |
|
Rs. 0.187
million |
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Total |
|
Rs. 48.265 millions |
Note: The company had in the past bought back 584814
equity shares of Rs.10/- each
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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|
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1] Share Capital |
48.265 |
48.265 |
48.265 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.238 |
50.358 |
60.363 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.503 |
98.623 |
108.628 |
|
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
91.503 |
98.623 |
108.628 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.129 |
31.917 |
26.527 |
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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 |
3.734 |
3.912 |
3.414 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
37.263
|
51.177 |
51.749 |
|
|
Sundry Debtors |
30.651
|
38.655 |
42.326 |
|
|
Cash & Bank Balances |
4.909
|
1.028 |
3.319 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
12.085
|
11.100 |
13.113 |
|
Total
Current Assets |
84.908
|
101.960 |
110.507 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.270
|
32.784 |
26.943 |
|
|
Other Current Liabilities |
3.998
|
6.139 |
4.648 |
|
|
Provisions |
0.000
|
0.243 |
0.229 |
|
Total
Current Liabilities |
23.268
|
39.166 |
31.820 |
|
|
Net Current Assets |
61.640
|
62.794 |
78.687 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
91.503 |
98.623 |
108.628 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
202.716 |
281.592 |
245.945 |
|
|
|
Other Income |
0.912 |
0.854 |
0.456 |
|
|
|
TOTAL (A) |
203.628 |
282.446 |
246.401 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
204.524 |
274.703 |
238.542 |
|
|
|
Increase/(Decrease) in Finished Goods |
(1.415) |
3.127 |
(0.838) |
|
|
|
TOTAL (B) |
203.109 |
277.830 |
237.704 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.519 |
4.616 |
8.697 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.519 |
4.616 |
8.697 |
|
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.466 |
14.760 |
13.423 |
|
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|
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|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(6.947) |
(10.144) |
(4.726) |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
0.224 |
(0.177) |
(0.607) |
|
|
|
|
|
|
|
|
|
Add |
EXCESS (SHORT)
PROVISION FOR TAX OF EARLIER YEAR (NET) |
0.054 |
(0.039) |
0.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(7.117) |
(10.006) |
(4.097) |
|
|
|
|
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|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.484 |
52.490 |
55.314 |
|
|
|
|
|
|
|
|
|
Add |
REVERSAL OF
EXCESS PROVISION OF RETIRMENT BENEFITS |
0.000 |
0.000 |
1.273 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
35.367 |
42.484 |
52.490 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
186.001 |
236.601 |
208.630 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
56.647 |
98.765 |
72.483 |
|
|
|
Stores & Spares |
14.546 |
32.092 |
26.826 |
|
|
|
Capital Goods |
1.839 |
18.579 |
13.252 |
|
|
TOTAL IMPORTS |
73.032 |
149.436 |
112.561 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.48) |
(2.08) |
(0.85) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
59.600 |
53.250 |
60.750 |
|
Total Expenditure |
58.170 |
51.240 |
58.480 |
|
PBIDT (Excl OI) |
1.430 |
2.010 |
2.270 |
|
Other Income |
0.350 |
0.020 |
0.010 |
|
Operating Profit |
1.780 |
1.990 |
2.280 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1.780 |
1.990 |
2.280 |
|
Depreciation |
1.540 |
1.750 |
1.860 |
|
Profit Before Tax |
0.250 |
0.240 |
0.420 |
|
Tax |
0.110 |
0.060 |
0.090 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.140 |
0.170 |
0.330 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.140 |
0.170 |
0.330 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(3.50)
|
(3.54) |
(1.66) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.43)
|
(3.60) |
(1.92) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.05)
|
(7.36) |
(3.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.10) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.40 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.65
|
2.60 |
3.47 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE AND OPERATIONAL
RESULT
They continued to face the
effects of the global recession dl through
09-10 and subsequently the reduced sale amounts relative to previous year. The operations were controlled
closely to minimize the loss even in the face of high input costs. The last quarter has good improvements on the sale and
additionally the benefits of lower power costs (since now switching to a power
supplier of choice is allowed).
MANAGEMENT
DISCUSSION AND ANALYSIS (MDA)
The Company is making
Printed Circuit Boards (PCBs) and has its manufacturing facilities in Seepz, SEZ, Mumbai. It continues to remain a 1OO% EOU.
1) INDUSTRY
STRUCTURE AND DEVELOPMENT
PCB's are basic
Electronic Building Block components used in all Electrical and Electronic Products. As a 100% EOU, the
main Global supply comes from
2) MODERNISATION,
The Company
continuously updates its manufacturing processes focused towards yield,
capability and capacity
improvements. The improvements are on all fronts, equipments, processes /
systems and personnel Training.
The opportunities are in the small to medium volume, faster delivery and
with broad range of surface finishes focused from the European markets.
The threats are on
account of volatile exchange rate movements and rising input and personnel
costs.
UN-AUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31st DECEMBER,
2010
(Rs. in millions)
|
Sr. No. |
Particulars |
12 months ended |
|
|
|
|
31.12.2010 (Unaudited) |
31.12.2010 (Unaudited) |
|
|
|
3 Months |
Year to Date
figures for current period ended |
|
a. |
Net Sales/Income from Operations |
60.746 |
173.596 |
|
b. |
Other Operating Income |
-- |
-- |
|
2 |
Expenditure |
60.746 |
173.596 |
|
i |
(Increase)/decrease in stock in trade and work-in
Progress |
0.201 |
(4.293) |
|
ii |
Consumption of raw materials |
35.462 |
105.783 |
|
iii |
Purchase of Traded Goods |
0.000 |
0.000 |
|
iv |
Employee Cost |
9.177 |
27.449 |
|
v |
Depreciation |
1.859 |
5.147 |
|
Vi |
Other Expenditure |
9.029 |
26.514 |
|
Vii |
Power |
4.608 |
12.429 |
|
Viii |
Total Expenditure |
60.335 |
173.028 |
|
3 |
Profit from Operations before Other Income and
Interest |
0.410 |
0.567 |
|
4 |
Other Income |
0.010 |
0.341 |
|
5 |
Profit Before Interest |
0.420 |
0.908 |
|
6 |
Interest |
0.000 |
0.000 |
|
7 |
Profit before Tax |
0.420 |
0.908 |
|
8 |
Tax Expenses
(including current tax, deferred taxation, fringe benefit tax and prior
period adjustments for the period) |
0.093 |
0.263 |
|
9 |
Net Profit
for the period |
0.328 |
0.646 |
|
10 |
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
48.265 |
48.265 |
|
11 |
Reserves
excluding revaluation reserves (as per last audited balance sheet) |
---- |
---- |
|
12 |
Basic and diluted
Earnings per share for the period, for the year to date (not annualized) and
for the previous year – Rs. |
0.07 |
0.13 |
|
13 |
Public
shareholding |
|
|
|
a) |
Number of
Shares |
3559944 |
3559944 |
|
b) |
Percentage of Shareholding |
74.05 |
74.05 |
|
14. |
Promoters and
promoter group shareholding |
|
|
|
|
Non -
encumbered Number of
Shares Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) Percentage of
Shares (as a % of
the total share capital of the company) |
1247842 100.00 25.95 |
1247842 100.00 25.95 |
Note:
1.
The company has business in only one segment ( i.e.
Printed Circuit Boards )
2.
Information on investor complaints for the quarter ended
30th June, 2010, pursuant to amended clause 41
3.
The Previous period's figures have been rearranged
/ regrouped to make them comparable
4.
4 The above results were reviewed by the Audit
Committee and approved by the Board of Directors
5.
of the Company at their meeting held on 24th
July,2010.
6.
5 These results for the quarter ended 30th June,
2010 were subjected to "Limited Review" by the Statutory Auditors of
the Company.
FIXED ASSETS
·
Plant and Machinery
·
Vehicles
·
Furniture and Fittings
·
Computers
·
Office Equipments
·
Software
WEBSITE DETAILS
COMPANY ASPIRATION
• Their Aspiration for Fine -Line is to be a Performance
Drivern, Reliable, Continuously Improving, High Quality, Medium Volume
independent manufacturer, exporter" Pleasing customer 100%" in the
complex High Count Multilayer PCB.
• To achieve true and sustainable MIL Approval and ISO
9001:2000.
• To have a manufacturing base in each of the major market
served by the company.
MANUFACTURING
• Final yields of 98% on SS, 96% on DS & 94% on MLB and
FPY of 85%.
• OTDD of 99% by value and area and max 1 day late on no
more than 1% of the orders by area.
• Cycle time of DS 7 days, 4L 10 days, 6L 14 days and
continuously reducing.
• SOP/QA/WRP in every area and constantly update them.
• Judiciously and continuously invest and implement
"LEAN MANUFACTURING" concepts and reduce rework, inspection, interim
process steps and achieve quick-change over’s.
• Constantly search for good used equipments.
• Smooth Factory and Departmental layout for convenient
material movement.
• Achieve average age of key of machines to be under 6 years
in 3 years.
• Good clean Housekeeping and Environment friendly
operations, review factory security annually.
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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.