MIRA
INFORM REPORT
|
Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
HI - TECH INKS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S-360, Grater Kailash-I, |
|
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|
Country : |
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|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.01.2007 |
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|
|
|
Com. Reg. No.: |
55-157472 |
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|
|
Capital Investment / Paid-up Capital : |
Rs.58.915 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24222DL2007PTC157472 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELH05979B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer of Foil and Flexo Inks.
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|
|
|
No. of Employees
: |
70 Approximately (In Office 10 and In Factory 60) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 340000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a successor of Polymer Printing Inks, a proprietory concern
started in the year 1980. It is an established company having moderate track.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. The Profit and Loss of the company for the current year is not
available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Uday Desai |
|
Designation : |
Deputy General Manager in Finance |
|
Date : |
07.10.2011 |
LOCATIONS
|
Registered Office : |
S-360, Grater Kailash-I, |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Factory : |
Plot No. 633 to
635, 100
Shed Area, GIDC, Vapi – 396 195, |
|
Tel. No.: |
91-260-2452656 / 2453113 |
|
Fax No.: |
91-260-2452988 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Arun Bakshi |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
30.12.1955 |
|
Date of Appointment : |
05.01.2007 |
|
00099183 |
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 |
U74899DL1994PTC059774 |
CSI Enterprises
Private Limited |
Whole-time
director |
01-04-11 |
02-06-97 |
- |
Active |
NO |
|
2 |
U72200DL2000PTC104525 |
World Wide
Connections India Private Limited |
Director |
16-03-00 |
16-03-00 |
- |
Active |
NO |
|
3 |
U18101DL2006PTC149460 |
Maori Garment
Private Limited |
Director |
03-06-06 |
03-06-06 |
- |
Active |
YES |
|
4 |
U60231DL2006PTC149461 |
B.D.G
International ( |
Director |
06-06-06 |
06-06-06 |
- |
Active |
NO |
|
5 |
U72900DL2000PTC105623 |
Infinite
Telesolutions Private Limited |
Director |
10-06-06 |
10-06-06 |
- |
Active |
NO |
|
6 |
U24222DL2007PTC157472 |
|
Director |
05-01-07 |
05-01-07 |
- |
Active |
NO |
|
7 |
U74140DL2008PTC181231 |
A B Wealth
Advisor Private Limited |
Director |
23-07-08 |
23-07-08 |
- |
Active |
YES |
|
8 |
U74990DL2009PTC188064 |
FT Buttons
Private Limited |
Director |
02-03-09 |
02-03-09 |
- |
Active |
NO |
|
9 |
U74900DL2009PTC189157 |
Conmed Devices
Private Limited |
Director |
06-04-09 |
06-04-09 |
28-02-11 |
Active |
NO |
|
10 |
U85100DL2011PTC220796 |
PRS Healthcare Private
Limited |
Director |
13-06-11 |
13-06-11 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Vishal Sandhir |
|
Designation : |
Director |
|
Address : |
S-360, Greater Kailash-I, |
|
Date of Birth/Age : |
12.05.1978 |
|
Date of Appointment : |
05.01.2007 |
|
DIN No.: |
00099174 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U18101DL2006PTC149460 |
Maori Garment
Private Limited |
Director |
03-06-06 |
03-06-06 |
Active |
YES |
|
2 |
U24222DL2007PTC157472 |
|
Director |
05-01-07 |
05-01-07 |
Active |
NO |
|
3 |
U74140DL2008PTC181231 |
A B Wealth
Advisor Private Limited |
Director |
23-07-08 |
23-07-08 |
Active |
YES |
|
4 |
U74990DL2009PTC188064 |
FT Buttons
Private Limited |
Director |
02-03-09 |
02-03-09 |
Active |
NO |
|
5 |
U74900DL2009PTC189157 |
Conmed Devices
Private Limited |
Additional
director |
01-03-10 |
06-04-09 |
Active |
NO |
|
6 |
U85100DL2011PTC220796 |
PRS Healthcare
Private Limited |
Director |
13-06-11 |
13-06-11 |
Active |
NO |
|
|
|
|
Name : |
Mr. Rajesh Kumar Mahajan |
|
Designation : |
Director |
|
Address : |
S-234, |
|
Date of Birth/Age : |
27.06.1957 |
|
Date of Appointment : |
01.06.2007 |
|
DIN No.: |
01969965 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current designation
of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U00313DL2005PTC139214 |
East-West Design
Private Limited |
Director |
01-08-05 |
01-08-05 |
Active |
NO |
|
2 |
U24222DL2007PTC157472 |
|
Director |
01-06-07 |
01-06-07 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Uday Desai |
|
Designation : |
Deputy General Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Arun Bakshi |
|
900 |
|
Vishal Sandhir |
|
100 |
|
Allan Francis Peters |
|
1103 |
|
Alfred Hugo Mccreadie |
|
1104 |
|
Glenn Anthony Peters |
|
1104 |
|
Gragam George Palmer |
|
1104 |
|
Speedbird Investment Holdings Private Limited, Modderfontein |
|
583730 |
|
Total |
|
589145 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.08 |
|
Directors
or relatives of directors |
|
0.17 |
|
Other
top fifty shareholders |
|
0.75 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Foil and Flexo Inks.
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|
|
|
|
Products : |
·
Liquid Inks and Coatings ·
Solvent Based Inks ·
Water Based Inks ·
Varnishes laminating Inks ·
Metallic Inks |
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Exports : |
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|
Products : |
Foil and Flexo Inks |
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Countries : |
·
·
·
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
·
·
|
GENERAL INFORMATION
|
No. of Employees : |
70 Approximately (In Office 10 and In Factory 60) |
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Bankers : |
·
Axis Bank Limited, Commercial Plot No. C7/67/p.
N.H. No. 8, Near ·
ICICI Bank Limited |
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Facilities : |
Cash Credit + TL = Rs.80.000 millions (Axis Bank Limited)
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Kapadia Shah and Company Chartered Accountants |
|
Address : |
CM-20, Above State Bank of |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs.100/- each |
Rs.70.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
589145 |
Equity Shares |
Rs.100/- each |
Rs.58.915
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
58.915 |
58.915 |
58.915 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.281 |
23.640 |
6.181 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
85.196 |
82.555 |
65.096 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.894 |
47.537 |
22.334 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.979 |
|
|
TOTAL BORROWING |
26.894 |
47.537 |
23.313 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.976 |
3.387 |
|
|
|
|
|
|
|
|
TOTAL |
112.090 |
131.068 |
91.796 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34.494 |
38.607 |
29.904 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
4.361 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.387 |
1.565 |
2.078 |
|
|
DEFERREX TAX ASSETS |
2.048 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.584
|
30.747 |
20.623 |
|
|
Sundry Debtors |
44.594
|
77.736 |
64.440 |
|
|
Cash & Bank Balances |
4.372
|
10.332 |
4.341 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
41.044
|
14.471 |
8.116 |
|
Total
Current Assets |
113.594
|
133.286 |
97.520 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.684 |
33.546 |
37.981 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
38.714
|
42.810 |
42.628 |
|
|
Net Current Assets |
74.880
|
90.476 |
54.892 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.281 |
0.420 |
0.561 |
|
|
|
|
|
|
|
|
TOTAL |
112.090 |
131.068 |
91.796 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
217.072 |
142.279 |
|
|
|
Other Income |
|
NA |
NA |
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
34.812 |
14.938 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
|
5.512 |
0.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
29.300 |
14.449 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
5.857 |
1.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
23.443 |
12.775 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
5.984 |
6.594 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
17.459 |
6.181 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOV Value of Exports |
|
94.431 |
49.949 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
|
75.241 |
41.771 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
29.63 |
-- |
|
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
240.000 |
180.000 |
The above information has been parted by Mr. Uday Desai
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.80 |
8.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
13.64 |
10.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.28 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
1.09 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.93
|
3.11 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Sundry Creditors |
36.684 |
33.546 |
37.981 |
|
Sr. No. |
Check List by Info Agents |
|
|
1. |
Year of Establishment |
YES |
|
2. |
Locality of the firm |
YES |
|
3. |
Constitutions of the firm |
YES |
|
4. |
Premises details |
YES |
|
5. |
Type of Business |
YES |
|
6. |
Line of Business |
YES |
|
7. |
Promoter’s background |
-- |
|
8. |
No. of employees |
YES |
|
9. |
Name of person contacted |
YES |
|
10. |
Designation of contact person |
YES |
|
11. |
Turnover of firm for last three years |
YES |
|
12. |
Profitability for last three years |
NO |
|
13. |
Reasons for variations <> 20% |
-- |
|
14. |
Estimation for coming financial year |
YES |
|
15. |
Capital in the business |
YES |
|
16. |
Details of sister concerns |
-- |
|
17. |
Major Suppliers |
NO |
|
18. |
Major Customers |
NO |
|
19. |
Payment terms |
NO |
|
20. |
Export / Import details (is applicable) |
YES |
|
21. |
Market information |
-- |
|
22. |
Litigation that the firm / promoter involved
in |
-- |
|
23. |
Banking Details |
YES |
|
24. |
Banking facility details |
YES |
|
25. |
Conduct of the banking account |
-- |
|
26. |
Buyer visit details |
-- |
|
27. |
Financials, if provided |
YES |
|
28. |
Incorporation details, if applicable |
-- |
|
29. |
Last accounts filed at ROC |
-- |
|
30. |
Major Shareholders, is available |
-- |
Bankers Charges Report as per Registry
|
Corporate identity number of the company |
U24222DL2007PTC157472 |
|
Name of the company |
HI - TECH INKS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
S-360, Grater Kailash-I, |
|
This form is for |
Modification of charge |
|
Charge identification number of the modified |
10085612 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Axis Bank Limited Commercial Plot No. C7/67/p. N.H. No. 8, Near |
|
Nature of instrument creating charge |
Supplemental Deed Of Hypothecation Dated 12.08.2011 Memorandum Of Entry (Extention Of Equitable Mortgage) Dated 12.08.2011
Registered with Sub Registrar office Pardi Serial No. 6095 Dated 12.08.2011 |
|
Date of instrument Creating the charge |
12.08.2011 |
|
Amount secured by the charge |
Rs.80.084 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest As per Agreements Terms of repayment As per Agreements Margin As per Agreements Extent and operation of the charge As per Agreements |
|
Short particular of the property or asset(s) charged |
Hypothecation charge on entire current assets, movable fixed assets
including plant and machinery, furniture and fixtures etc. of the company for
present and future. Equitable mortgage on company's factory, land and building situated at
Plot no.633 to 635, 100 Shed Area, GIDC, Vapi 396195 |
|
Particulars of the present modification |
CC limit enhanced to Rs.60.000 millions, Term Loan-I o/s 0.490 million,
Term Loan-II o/s 19.094 millions, LER Limit 0.500 million, Total Rs.80.084
millions. |
FIXED ASSETS
·
Goodwill
·
Land and Building
·
Furniture and Fixtures
·
Electric Installation
·
Plant and Machinery
·
Handling Equipments
·
Vehicles
·
Equipments
·
Laboratory Equipments
·
Generator
·
Transformers
·
Fire Extinguisher
·
Air Conditioners
·
Computer
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.49.14 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.