MIRA
INFORM REPORT
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Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
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Name : |
N R AGARWAL INDUSTRIES LIMITED |
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Registered Office : |
415-418, Janki Centre, 4th Floor, 29 Shah Industrial Estate,
Andheri (West), Mumbai – 400058, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.12.1993 |
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Com. Reg. No.: |
133365 |
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CIN No.: [Company
Identification No.] |
L22210MH1993PLC133365 |
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Legal Form : |
A Public Limited Liability Company. A Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business : |
Manufacture of Paper Boards and Newsprint. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 2721408 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. Subject 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
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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
Management Non Co-operative (Name not divulged)
LOCATIONS
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Registered Office : |
415-418, Janki Centre, 4th Floor, 29 Shah Industrial
Estate, Andheri (West), Mumbai – 400058, Maharashtra, India |
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Tel. No.: |
91-22-26730667/ 26730570/ 26730668/ 26730913/ 14/ 17/ 2639215/ 56/ 57/
26347316 |
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Fax No.: |
91-22-26730667/ 26730227/ 26320686 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Factory 1: |
Plot No.169/1 GIDC, Phase – II, Vapi Gujarat – 396195, |
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Tel. No.: |
91-260-2401634 |
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Fax No.: |
91-260-2431706 |
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Email : |
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Factory 2: |
Plot No. 1, Phase 1, GIDC, Vapi, District Valsad – 396
195, |
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Tel. No.: |
91-260-2431942 |
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Fax No.: |
91-260-2426979/ 2428320 |
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Email : |
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Factory 4: |
Plot No. 901.3rd Phase, GIDC, Vapi. Dist.: Valsad
(Gujarat) - 396 195, |
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Tel No.: |
91-260 - 240 0052 / 242 1124 |
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Fax No.: |
91-260 - 240 1836 |
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Email : |
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Factory 4: |
Plot No. 901/P, 3rd Phase, GIDC, Vapi - 396 195, |
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Tel No.: |
91-260 - 240 0052 / 242 1124 |
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Fax No.: |
91-260 - 240 1836 |
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Email : |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. N R Agarwal |
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Designation : |
Executive Chairman |
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Name : |
Mr. R N Agarwal |
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Designation : |
Managing Director |
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Name : |
Mr. S N Chaturvedi |
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Designation : |
Director |
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Name : |
Mr. Raunak Agarwal |
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Designation : |
Director |
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Name : |
Mr. P Kumar |
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Designation : |
Director |
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Name : |
Mr. C R Radhakrishnan |
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Designation : |
Director |
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Name : |
Mr. Raunak Agarwal (w.e.f. 01.05.2008) |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Ms. Priyanka Agrawal |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. Ramesh Iyer |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
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Category of shareholder |
No. of shares |
Percentage |
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Shareholding of Promoter and Promoter Group |
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Indian |
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Individuals / Hindu undivided family |
12460923 |
73.22 |
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Public shareholding |
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Institutions |
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Financial Institutions / Banks |
2000 |
0.01 |
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Central Government/ State Governments |
500 |
- |
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Venture Capital Funds |
24044 |
0.14 |
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Foreign Institutional Investors |
4700 |
0.03 |
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Non-Institutions |
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Bodies Corporate |
1283481 |
7.54 |
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Individuals |
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i. Individuals shareholders holding nominal
share capital upto Rs. 0.100 million |
2094.831 |
12.31 |
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Ii. Individual shareholders holding nominal
share capital in excess of Rs. 0.100 million |
1007991 |
5.92 |
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Any other (specify) |
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Non-Resident Indians |
58.791 |
0.35 |
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Clearing Members |
81839 |
0.48 |
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Sub - Total |
17019100 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Paper Boards and Newsprint. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Waste Paper |
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Countries : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
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Duplex Boards |
TPA |
112800 (3
Shifts) |
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Newsprint |
TPA |
36000 (3 Shifts) |
GENERAL INFORMATION
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No. of Employees : |
250 (Office – 150 and Factory – 100) |
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Bankers : |
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Facilities : |
Notes: 1) Term Loan/ Corporate Loan from IDBI Bank is secured by hypothecation of plant and machinery and extension of existing security on immovable properties situated at Vapi Plants on pari passu basis with other term lenders. 2) The Term Loans/ Corporate Loans from Bank of India are secured by First pari passu charge on company’s net block excluding motor cars, office premises at Mumbai, staff quarters at Vapi and land at Sarigam, but including land admeasuring 19770 sq. metres at GIDC, Vapi purchased from Agarwal Paper Mills Ltd, and Agrashakti Paper Mills Limited. 3) The Term Loan from Oriental Bank of Commerce is secured by hypothecation of plant and machinery and extension of existing security on immovable properties situated at Vapi Plants on pari passu basis with other term lenders. 4) The Term Loan from Bank of Baroda is secured by hypothecation of plant and machinery and extension of existing security on immovable properties situated at Vapi Plants on pari passu basis with other term lenders. 5) The Term Loan from Bombay Mercantile Co-operative Bank Limited is secured by way of Equitable Mortgage of Office premises situate at Janki Centre, umbai of the Company and are further secured by personal guarantee of Mr N.R. Agarwal and Mr R. N. Agarwal 6) The term loans from Bank of India, Oriental Bank of Commerce, Bank of Baroda and Bombay Mercantile Co-operative Bank Ltd, are further secured by the personal guarantee of Shri R. N. Agarwal. 7) The working capital loans from Banks are secured by hypothecation of present and future stock of raw materials, steam coal, goods-in-process, finished goods and book debts etc. ranking pari passu inter-se and second charge on Company’s movable and immovable fixed assets and further secured by personal guarantee of Shri R N Agarwal. 8) The Loan from IndusInd Bank is secured by way of Equitable Mortgage of Residential premises situated at Sunny Side Bungalow, Lokhandwala Complex, Andheri (W) Mumbai 400053 and Sarigam Land admeasuring 24383 sq mts. 9) New Term loan from Bank of Baroda is secured by way of first pari passu charge on immovable properties (Unit I ,II,III and IV ) situated at Vapi, together with buildings and other structures thereon excluding all plant and machinery and second pari passu charge on current assets of the Company and exclusive first charge on Company’s Land, admeasuring 57.03 acres alongwith immovable properties attached to this land located at Sarigam Gujarat and are further secured by the personal guarantee of Shri R. N. Agarwal. 10) New office Loan of Bank of India is secured by equitable mortgage on the said property and further secured by the personal guarantee of Shri R. N. Agarwal.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Partners Chartered Accountant |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS On 31.03.2010
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 Millions |
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2500000 |
Preference Shares |
Rs.10/- each |
Rs.25.000 Millions |
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Total |
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Rs.250.000
Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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17019100 |
Equity Shares |
Rs.10/- each |
Rs.170.191
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
170.191 |
170.191 |
170.191 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
510.161 |
330.121 |
261.396 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
680.352 |
500.312 |
431.587 |
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LOAN FUNDS |
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1] Secured Loans |
882.284 |
733.579 |
849.622 |
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2] Unsecured Loans |
45.778 |
98.732 |
106.653 |
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TOTAL BORROWING |
928.062 |
832.311 |
956.275 |
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DEFERRED TAX LIABILITIES |
164.306 |
164.306 |
160.290 |
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TOTAL |
1772.720 |
1496.929 |
1548.152 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1126.593 |
1136.043 |
1151.942 |
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Capital work-in-progress |
534.749 |
32.475 |
46.368 |
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INVESTMENT |
1.848 |
1.848 |
1.848 |
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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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Inventories |
262.471
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257.781
|
253.971
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Sundry Debtors |
410.214
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511.463
|
394.633
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Cash & Bank Balances |
89.874
|
25.287
|
95.272
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
233.936
|
148.469
|
193.086
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Total
Current Assets |
996.495
|
943.000
|
936.962 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
737.313
|
518.066
|
516.965
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Other Current Liabilities |
102.596
|
60.947
|
35.606
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Provisions |
47.056
|
37.424
|
36.397
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Total
Current Liabilities |
886.965
|
616.437
|
588.968
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Net Current Assets |
109.530
|
326.563
|
347.994
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1772.720 |
1496.929 |
1548.152 |
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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 |
3885.522 |
3867.076 |
3113.546 |
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Sales-Traded Goods |
8.619 |
3.845 |
0.000 |
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Other Income |
30.261 |
30.074 |
20.527 |
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TOTAL (A) |
3924.402 |
3900.995 |
3134.073 |
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Less |
EXPENSES |
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Raw Material Consumed |
2208.617 |
2244.329 |
1698.574 |
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Purchases of Traded Goods |
0.000 |
3.821 |
0.000 |
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Manufacturing Expenses |
1343.512 |
1390.066 |
1134.528 |
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Increased/(Decreased) In stock |
0.418 |
(12.202) |
2.669 |
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TOTAL (B) |
3552.547 |
3626.014 |
2835.771 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
371.855 |
274.981 |
298.302 |
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Less |
FINANCIAL
EXPENSES (D) |
86.139 |
100.805 |
99.869 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
285.716 |
174.176 |
198.433 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.853 |
80.969 |
75.024 |
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Add |
EXCEPTIONAL
ITEMS |
76.180 |
25.000 |
123.409 |
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PROFIT BEFORE
TAX (E-F) (G) |
281.043 |
118.207 |
123.409 |
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Less |
TAX (I) |
71.499 |
29.151 |
32.855 |
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PROFIT AFTER TAX
(G-I) (J) |
209.544 |
89.056 |
90.555 |
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EXCESS PROVISION
WRITTEN BACK |
6337 |
0.000 |
3.000 |
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Less/ Add |
PREVIOUS YEAR
TAXATION ADJUSTMENT |
0.000 |
1.329 |
(1.301) |
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Less/ Add |
PRIOR YEAR
ADJUSTMENTS |
0.000 |
(1.749) |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
285.867 |
219.642 |
153.783 |
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Less |
APPROPRIATIONS |
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Proposed final dividend - equity shares |
30.364 |
17.019 |
20.423 |
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Tax on proposed equity dividend |
5.206 |
2.892 |
3.471 |
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Transfer to General Reserve |
15.800 |
2.500 |
2.500 |
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BALANCE CARRIED
TO THE B/S |
450.108 |
285.867 |
219.642 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
43.885 |
122.683 |
143.243 |
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TOTAL EARNINGS |
43.885 |
122.683 |
143.243 |
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IMPORTS |
|
|
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Raw Materials |
695.637 |
368.702 |
84.850 |
|
|
|
Stores & Spares |
12.508 |
16.924 |
8.446 |
|
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|
Capital Goods |
117.291 |
0.000 |
5.797 |
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TOTAL IMPORTS |
825.436 |
385.626 |
99.093 |
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Earnings Per
Share (Rs.) |
12.68 |
5.21 |
-- |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
1138.720 |
1219.840 |
1162.230 |
|
Total Expenditure |
1007.560 |
1074.210 |
1029.62 |
|
PBIDT (Excl
OI) |
131.160 |
145.630 |
132.610 |
|
Other Income |
1.760 |
1.390 |
3.180 |
|
Operating
Profit |
132.920 |
147.020 |
135.790 |
|
Interest |
19.130 |
19.630 |
19.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
113.790 |
127.390 |
116.690 |
|
Depreciation |
21.010 |
21.130 |
24.690 |
|
Profit
Before Tax |
92.770 |
106.260 |
92.000 |
|
Tax |
23.350 |
26.150 |
22.250 |
|
Reported PAT |
69.420 |
80.110 |
69.740 |
|
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 |
69.420 |
80.110 |
69.740 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.534
|
2.28 |
2.89
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.22
|
3.06 |
3.96
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.23
|
0.87 |
5.77
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.23 |
0.29
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.67
|
2.90 |
3.58
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.53 |
1.59
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
Sundry Creditors (due to small scale industrial undertaking) |
7.074 |
13.158 |
11.274 |
|
Sundry Creditors (due to others) |
730.239 |
504.908 |
505.690 |
NOTE:
They have purchases – 93 acres of land in sarigam in
They have purchased last year for Rs.100.000 Millions
YEAR IN RETROSPECT:
During the current year the company achieved a production of 126059 MT of Duplex Board and 31972 MT of Newsprint and Writing Printing Paper as against 120602 tones and 32997 tones for the previous year. The Duplex Board production and Newsprint and Writing printing paper production has grown by around 6%.
The Turnover for the financial year under review were Rs.3885.500 Millions as against Rs.3867.000 Millions for the previous financial year. As compared to the previous year, there has been a substantial increase in the Net Profit, mainly due to reduction in input costs and improved Sales realization.
During the year, the Company exported Duplex Board and realized Rs.51.100 Millions, as compared to Rs.130.600 Millions, during the year.
CURRENT YEAR’S PROSPECTS:
The production of Duplex Board and Newsprints during the first quarter was 32015 MT and 8018 MT respectively as against 30698 MT of Duplex Board and 7272 MT of Newsprints in the corresponding quarter of the previous year.
During the first quarter of the current year the company achieved a turnover of around Rs.1170.000 Millions as against Rs.8.800 Millions in the corresponding Quarter of the previous year and the net profit of around Rs.69.400 Millions as against Rs.42.000 Millions of the corresponding quarter of the previous year.
The company exported 1505 MT, thereby fetching revenue of Rs.45.200 Millions during the first quarter of the current year as against 95 MT fetching revenue of mere Rs.2.435 Millions in the corresponding quarter of the previous year.
Management Discussion
and Analysis Report
Industry Structure
and developments:
The Indian Paper Industry accounts for about 1.6% of the world’s production of paper and paperboard. The estimated turnover of the industry is Rs.250.000 Millions (USD 5.95 billion) approximately and its contribution to the exchequer is around Rs.29180.000 Millions (USD 0.69 billion). The industry provides employment to more than 0.12 million people directly and 0.34 million people indirectly. The industry was de-licenced effective from July, 1997 by the Government of India; foreign participation is permissible.
Indian paper industry is poised to grow and touch 11.5
million tonnes from 9.18 million tonnes to 2011-12 from 2009-10 at the rate of
8% per annum, according to The Associated Chambers of Commerce and Industry of
India (ASSOCHAM). The ASSOCHAM paper on “Growth of Paper Industry in India“,
indicated that per capita paper consumption increased to 9.18 kg on 2009-10 as
compared to 8.3 kg during 2008-09. Still, the figure is low (9.2 kg) compared
to 42 kg in
Paper in
Opportunities and
Threats:
The global demand/capacity ratio in the industry is expected to increase. The economic slowdown caused this ratio to be low in FY09 but with economic recovery, the demand is expected to grow at a faster rate than capacity, especially in the paperboard segment. This will increase the demand, putting pressure on the existing manufacturers to increase production or capacity, giving them pricing power and will attract new entrants in the industry. The demand for paper is fairly inelastic due to its wide use, lack of low cost substitutes and short life cycle of paper (making it more like a consumable than a durable). This permits the manufacturers to pass on most input cost increases to the consumer.
Indian paper industry can be more competitive by adding
improvements of key ports, roads and railways and communication facilities,
revision of forest policy is required for wood based paper industry so that
plantation can be raised by industry, cooperatives of farmers, and state
government. Degraded forest land should be made available to the industry for
raising plantations. Import duty on waste paper should be reduced, Duty free
imports of new and second hand machinery/equipment should be allowed for
technology up gradation. The Indian paper industry is expected to attract
Rs.100000.000 Millions investments in three to five years for setting up
The Indian paper industry is fragmented with hundreds of mills with low production capacities. The top 10 producer covers 20-30% of the Indian total paper production capacity.
The paper industry in India looks extremely positive as the demand for upstream market of paper products, like, tissue paper, tea bags, filter paper, light weight online coated paper, medical grade coated paper, etc., is growing up.
Major issues confronting
Performance
Highlights:
During the year, the Company produced 126059 tonnes of Duplex Board and 31972 tonnes of Newsprint / W and P, compared to previous year of 120602 tonnes and 32997 tonnes respectively. The Company sold 125991 tonnes of Duplex Board and 32329 tonnes of Newsprint, during the year, as against 120528 tonnes of Duplex Board and 32330 tonnes of Newsprint / W and P, in the previous year. There has been an increase of around 6% in Production as well as Sales of Duplex Boards. The Company has posted total sales revenue of Rs.3885.500 Millions as against Rs.3867.000 Millions for the previous financial year. As compared to the previous year, there has been a substantial increase in the Net Profit, mainly due to reduction in input costs and improved Sales realization. During the year, the Company exported Duplex Board and realized Rs.51.100 Millions, as compared to Rs.130.600 Millions, during the previous year.
TRADE REFERENCE:
- Bal Krishna Paper Industrial Limited, Mumbai
- TTC Badrachalam Limited, South
FIXED ASSETS:
- Land
- Plant and Machinery
- Furniture and Fixture
- Motor Cars
- Other – Building
- Computers
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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.