MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
HELLMANN WORLDWIDE LOGISTICS INDIA PRIVATE LIMITED (w.e.f. 03.07.2007) |
|
|
|
|
Formerly Known
As : |
HWL CARGO SERVICES INDIA PRIVATE LIMITED |
|
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Registered
Office : |
Plot No. 8, Pocket 2, Block – A, Rangpuri Extension, N.H. 8, New Delhi
– 110037, Delhi |
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|
Country : |
India |
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Financials (as
on) : |
31.12.2010 |
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Date of Incorporation
: |
22.11.2006 |
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|
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Com. Reg. No.: |
55-155765 |
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Capital
Investment / Paid-up Capital : |
Rs. 363.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63013DL2006PTC155765 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELH05846B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH7715F |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on Business as international and domestic freight forwarders and
providing customs clearing and warehousing services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1000000 |
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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 accumulated losses recorded by the company. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 8, Pocket 2, Block – A, Rangpuri Extension, N.H. 8, New Delhi
– 110037, Delhi, India |
|
E-Mail : |
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|
Website : |
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Head Office : |
DLF Cyber City Building No.9, 122002, 14th Floor, Tower A,
Phase - III |
|
Tel. No.: |
91-124-4516700 |
|
Fax No.: |
91-124-4516710 |
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|
|
|
Branch Office : |
Gundecha Onclave A Wing, 5th Floor, Kherani Road, State
Bank of India, Sakinaka, Andheri (East), Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-42003500 |
|
Fax No.: |
91-22-42003547 |
DIRECTORS
AS ON 30.06.2011
|
Name : |
Mr. Ashok Jaidka |
|
Designation : |
Managing Director |
|
Address : |
1, Akashe |
|
Date of Birth/Age : |
29.04.1949 |
|
Date of Appointment : |
24.11.2006 |
|
DIN No.: |
00194654 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U63013DL2006PTC155765 |
HELLMANN
WORLDWIDE LOGISTICS INDIA PRIVATE LIMITED |
Managing
director |
24-11-06 |
24-11-06 |
- |
Active |
NO |
|
2 |
U63010TN2008PTC067359 |
RG
CARGO SERVICES PRIVATE LIMITED |
Director |
10-07-08 |
10-07-08 |
01-01-11 |
Active |
NO |
|
Name : |
Mr. Mark Emil Hellmann |
|
Designation : |
Director |
|
Address : |
DD 238, Lot 5, hang Hau Wing Lung Road, Pan. Long Wan Clear, Water Bay
Sai Kung New Territories, Hong Kong – 36268099 |
|
Date of Birth/Age : |
06.06.1960 |
|
Date of Appointment : |
30.03.2007 |
|
DIN No.: |
01479490 |
|
Name : |
Mr. Chung Wai Ping |
|
Designation : |
Director |
|
Address : |
Flat 8, 8th Floor, Block 43, Heng FA, Chuen, Chai Wan,
Hongkong – 36268000 |
|
Date of Birth/Age : |
29.11.1951 |
|
Date of Appointment : |
18.07.2007 |
|
DIN No.: |
01574390 |
|
Name : |
Mrs. VijayaShankar Kuppuswamy |
|
Designation : |
Director |
|
Address : |
73/10, Seventh Floor, garoenia Street, Vatika, Gurgaon – 122018,
Haryana,. India |
|
Date of Birth/Age : |
14.02.1963 |
|
Date of Appointment : |
28.01.2011 |
|
DIN No.: |
03507695 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U63013DL2006PTC155765 |
HELLMANN
WORLDWIDE LOGISTICS INDIA PRIVATE LIMITED |
Director |
28-01-11 |
28-01-11 |
18-04-11 |
Active |
NO |
|
2 |
U60200HR2011PTC043238 |
HELLMANN
TRANSPORTATION INDIA PRIVATE LIMITED |
Director |
20-06-11 |
20-06-11 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Kumar |
|
Designation : |
Secretary |
|
Address : |
B -71, dashrath Puri, Babri Palam Road, New Delhi – 110045, Delhi,
India |
|
Date of Birth/Age : |
06.09.1969 |
|
Date of Appointment : |
01.11.2009 |
|
PAN No.: |
AREPK8683J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Hellmann International Forworders GmbH, Germany |
|
2639450 |
|
Hellmann Worldwide Logistics GmbH and Company KG, Germany |
|
1695 |
|
|
|
|
|
Total |
|
2641145 |
|
|
|
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|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Hellmann International Forworders GmbH, Germany |
|
996355 |
|
|
|
|
|
Total |
|
996355 |
AS ON 30.06.2011
|
Equity Shares
Break Up |
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 |
BUSINESS DETAILS
|
Line of Business : |
To carry on Business as international and domestic freight forwarders
and providing customs clearing and warehousing services. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Anupam Dhawan Chartered Accountant |
|
Address : |
Building 8, 7th Floor, and 8th Floor, Tower B,
DLF Cyber City, Gurgaon – 122002, Haryana, India |
|
Pan No.: |
AAEFP3641G |
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|
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Holding Company : |
Hellmann International Forwarders GmbH |
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Subsidiary Company : |
RG Cargo Services Private Limited Cin No.: U63010TN2008PTC067359 |
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Ultimate Holding Company : |
Hellmann Worldwide Logistics GmbH. |
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Wholly Owned
Subsidiary : |
RG Cargo Sewices Private Limited |
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Fellow Subsidiaries
: |
· Hellmann Worldwide Logistics (Chile) Limited · Hellmann Worldwide Logistics, Dubai · Hellmann Worldwide Logistics B.V. Netherlands · Hellmann Worldwide Logistics GmbH. Austria · Hellmann Worldwide Logistics Romania · Hellmann Worldwide Logistics Hungary · Hellmann Worldwide Logistics, Argentina · Hellmann Worldwide Logistics, Australia · Hellmann Worldwide Logistics. Belgium · Hellmann Worldwide Logistics, Brazil · Hellmann Worldwide Logistics, Canada · Hellmann Worldwide Logistics, Denmark · Hellmann Worldwide Logistics, Great Britain · HPL Kensington Limited, Great Britain · Hellmann Worldwide Logistics, Hong Kong (including China, Taiwan) · Hellmann Worldwide Logistics, Japan · Hellmann Worldwide Logistics, Mauritius · Hellmann Worldwide Logistics, New Zealand · Hellmann Worldwide Logistics, Osnabruck, Germany · Hellmann Worldwide Logistics, Pakistan · Hellmann Worldwide Logistics, Poland · Hellmann Worldwide Logistics, Singapore (incl. Vietnam) · Hellmann Worldwide Logistics, Cambodia · Hellmann Worldwide Logistics, South Africa · HPL Sea Freight (SA) Pty Limited South Africa · Hellmann Worldwide Logistics, South Korea · Hellmann Worldwide Logistics, Spain · Hellmann Worldwide Logistics, Sri Lanka · Hellmann Worldwide Logistics, Turkey · Hellmann Worldwide Logistics, U.S.A. · Hellmann-Worldwide Logistics Mexico · Hellmann Worldwide Logistics. Tschechien, Czech Republic · HWL East Europe GmbH and Company KG, Germany |
|
|
|
|
Associates : |
·
Hellmann
Worldwide Logistics, ·
Kuwait
Hellmann Perishable Logistics S.A.C., ·
Peru
Hellmann Worldwide Logistics Limited Bangladesh ·
Hellmann
Worldwide Logistics. Estonia ·
Hellmann
Worldwide Logistics UAB. Lithuania ·
Hellmann
Worldwide Logistics Azerbaijan ·
Hellmann
East Europe TOV. Kiev / Ukraine |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
1000000 |
5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2641145 |
Equity Shares (of the above 2639450 equity Shares of Rs. 100 each are held by
Hellmann International Forwarders GmbH Germany ) |
Rs.100/-
each |
Rs.264.114
Millions |
|
996355 |
5% Cumulative redeemable Preference
Shares (of the above 996355 preference shares of
Rs.100 each are held by Hellmann International Forwarders GmbH Germany) |
Rs.100/- each |
Rs.99.635
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 363.750 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
363.750 |
214.550 |
214.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(103.620) |
(169.208) |
(168.013) |
|
|
NETWORTH |
260.130 |
45.342 |
46.537 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
150.188 |
177.140 |
146.144 |
|
|
TOTAL BORROWING |
150.188 |
177.140 |
146.144 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
410.318 |
222.482 |
192.681 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.145 |
43.537 |
60.349 |
|
|
Capital work-in-progress |
0.573 |
1.169 |
1.925 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.200 |
4.200 |
4.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
796.502
|
526.387 |
517.610 |
|
|
Cash & Bank Balances |
82.906
|
32.136 |
40.621 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
327.001
|
188.181 |
91.123 |
|
Total
Current Assets |
1206.409
|
746.704 |
649.354 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
737.111
|
505.386 |
482.381 |
|
|
Other Current Liabilities |
89.243
|
56.731 |
31.597 |
|
|
Provisions |
5.655
|
11.011 |
9.169 |
|
Total
Current Liabilities |
832.009
|
573.128 |
523.147 |
|
|
Net Current Assets |
374.400
|
173.576 |
126.207 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
410.316 |
222.482 |
192.681 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
3731.931 |
2149.658 |
2376.804 |
|
|
|
Other Income |
17.437 |
7.892 |
|
|
|
|
TOTAL (A) |
3749.368 |
2157.550 |
2376.804 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
3214.204 |
1777.065 |
|
|
|
|
Employee Cost |
268.816 |
219.082 |
|
|
|
|
Administrative Cost |
159.728 |
127.162 |
|
|
|
|
TOTAL (B) |
3642.748 |
2123.309 |
|
|
|
|
|
|
2327.836 |
|
|
Less |
PROFIT
/ (LESS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
106.600 |
34.241 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.435 |
15.365 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LESS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
81.165 |
18.876 |
(48.968) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.598 |
18.757 |
17.422 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LESS)
BEFORE TAX (E-F) (G) |
65.567 |
0.119 |
(66.390) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(1.020) |
1.076 |
3.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LESS)
AFTER TAX (G-I) (J) |
66.587 |
(1.195) |
(70.144) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(169.208) |
(168.013) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(103.620) |
(169.208) |
(168.013) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
696.388 |
352.624 |
333.259 |
|
|
TOTAL EARNINGS |
696.388 |
352.624 |
333.259 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
0.000 |
0.344 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
0.344 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.23 |
(6.11) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
1.77
|
(0.00) |
(2.95) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.75
|
0.00 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.29
|
0.01 |
(9.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.02 |
(1.42) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.77
|
16.54 |
14.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.30 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND :
Subject was incorporated on November 22,
2006 under the Indian Companies Act, 1956. The Company is setup to carry on
business as international and domestic freight forwarders and providing customs
clearing and warehousing services. The Company commenced its commercial
operations on December 1, 2006. The Company was renamed as Hellmann Worldwide
Logistics India Private Limited on July 3, 2007.
CURRENT OPERATIONS
AND FUTURE STRATEGY
The Company
registered a turnover of Rs. 3749.369 millions (Previous period Rs.2157.551
millions) in line with the business goals. The Company has achieved its
objectives of setting-up the infrastructure of 24 offices across the country,
with employee strength of 306 as at 31December 2010. This is a significant step
in building a platform for delivering the business in the year to come.
Besides, the Company has been able to better the EBT result during the year as
compared to the previous year by reducing the losses by almost Rs. 64 Millions.
The Directors
would like to draw special attention to the growth of Air Freight, Ocean
Freight and Customs Brokerage consistent with their strategy to have a balance
between all products and given the enormous potential that these offered and
identified as such by the Management. The company will continue to focus on
there thrust areas for future growth and consolidation.
NOTE
The Registered office address of the company has been shifted from 91,
Bijwasan Roadm, Kapashera, New Delhi – 110037, Delhi, India to present Address
w.e.f. 10.05.2010
FIXED ASSETS :
·
Computers
·
Plant and machinery
·
Office equipments
·
Furniture and Fixtures
·
Leasehold Improvements
·
Vehicles
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. 51.35 |
|
|
1 |
Rs. 80.97 |
|
Euro |
1 |
Rs. 69.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.