MIRA
INFORM REPORT
|
Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
JOHNSON CONTROLS ( |
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Registered
Office : |
501, Prime Corporate Park, Near ITC Grand Maratha, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.09.1995 |
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Com. Reg. No.: |
111247 |
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Capital
Investment / Paid-up Capital : |
Rs.81.713 millions |
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CIN No.: [Company Identification
No.] |
U33130MH1995PTC111247 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of valves and switches and also contractors for building
management. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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
huge 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 on a secured 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Navin Shetty |
|
Designation : |
Finance Manager |
|
Date : |
05.04.2012 |
LOCATIONS
|
Registered Office / Corporate Office: |
501-502, Prime Corporate Park, |
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Tel. No.: |
91-22-30881456 / 30820391 |
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E-Mail : |
91-22-30881592 / 30881592 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Jerome D. Okarma |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.04.1952 |
|
Date of Appointment : |
20.12.1996 |
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|
Name : |
Mr. Pramoda Karkal |
|
Designation : |
Director |
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Date of Birth/Age : |
27.06.1957 |
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Date of Appointment : |
04.01.2006 |
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|
|
|
Name : |
Mr. Soren Bjerg |
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Designation : |
Director |
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Date of Birth/Age : |
06.04.1963 |
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Date of Appointment : |
17.09.2007 |
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|
|
|
Name : |
Mr. Bruce R Mcdonald |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.04.1960 |
|
Date of Appointment : |
01.04.2008 |
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|
|
|
Name : |
Mr. Paul S Chawla |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.09.1965 |
|
Date of Appointment : |
21.06.2011 |
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|
|
|
Name : |
Mr. Kin Kwok Lam |
|
Designation : |
Director |
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Date of Birth/Age : |
31.05.1970 |
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Date of Appointment : |
21.06.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Navin Shetty |
|
Designation : |
Finance Manager |
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|
|
|
Name : |
Mr. Piyush R Bubna |
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Designation : |
Secretary |
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Date of Birth/Age : |
13.05.1982 |
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Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Johnson Controls (Mauritius) Private Limited, Mauritius |
8171308 |
|
Johnson Controls Holding Company INC, USA |
20 |
|
Total |
8171328 |
AS ON 30.09.2011
|
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] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of valves and switches and also contractors for building management. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Citi Bank, N. A. C-61, Bandra Kurla Complex, G – Block, Bandra [East], Mumbai – 400051,
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai 400028,
Maharashtra, India |
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Holding Company: |
Johnson Controls (Mauritius) Private
Limited |
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Ultimate Holding Company: |
Johnson Controls Inc., USA |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19000000 |
Equity Shares |
Rs. 10 each |
Rs.190.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8171328 |
Equity Shares |
Rs. 10 each |
Rs.81.713 millions |
|
|
|
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|
Note:
Of the above 8,171,308 shares of Rs. 10 each fully paid-up are held by Johnson
Controls (Mauritius) Private Limited, the Holding Company and 20 shares of Rs.
10 each are held by Johnson Controls Holding Company Inc., USA
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
81.713 |
81.713 |
81.713 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(544.443) |
(429.312) |
(403.848) |
|
|
NETWORTH |
(462.730) |
(347.599) |
(322.135) |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1051.094 |
913.723 |
766.088 |
|
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TOTAL BORROWING |
1051.094 |
913.723 |
766.088 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
588.364 |
566.124 |
443.953 |
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APPLICATION OF FUNDS |
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|
FIXED ASSETS [Net Block] |
31.081 |
40.124 |
52.973 |
|
|
Capital work-in-progress |
5.499 |
0.233 |
0.094 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
48.138
|
38.499 |
55.438 |
|
|
Sundry Debtors |
709.190
|
399.633 |
333.930 |
|
|
Cash & Bank Balances |
0.394
|
51.743 |
0.870 |
|
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Other Current Assets |
336.551
|
231.614 |
120.300 |
|
|
Loans & Advances |
355.505
|
319.261 |
310.251 |
|
Total
Current Assets |
1449.778
|
1040.750 |
820.789 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
702.697
|
362.033 |
280.549 |
|
|
Other Current Liabilities |
159.048
|
128.348 |
132.610 |
|
|
Provisions |
36.249
|
24.602 |
16.744 |
|
Total
Current Liabilities |
897.994
|
514.983 |
429.903 |
|
|
Net Current Assets |
551.784
|
525.767 |
390.886 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
588.364 |
566.124 |
443.953 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
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|
Sales |
2698.129 |
1973.605 |
1615.259 |
|
|
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Other Income |
56.973 |
59.996 |
84.608 |
|
|
|
TOTAL (A) |
2755.102 |
2033.601 |
1699.867 |
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Less |
EXPENSES |
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|
|
|
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|
Selling and Distribution Expenses |
|
|
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|
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|
Office Expenses |
2760.642 |
1961.305 |
1684.022 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
2760.642 |
1961.305 |
1684.022 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(5.540) |
72.296 |
15.845 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
95.800 |
82.069 |
77.890 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(101.340) |
(9.773) |
(62.045) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.791 |
15.394 |
12.079 |
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PROFIT BEFORE
TAX (E-F) (G) |
(115.131) |
(25.167) |
(74.124) |
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|
|
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|
Less |
TAX (H) |
NA |
NA |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
NA |
NA |
NA |
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Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
%20PRIVATE%20LIMITED%20%20-%20176026%2006-Apr-2012_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20%20-%20176026%2006-Apr-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(4.26)
|
(1.27) |
(4.58) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.77)
|
(2.32) |
(8.48) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.07 |
0.23 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(4.21)
|
(4.11) |
(3.71) |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
2.02 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors |
702.697
|
362.033 |
280.549 |
Note:
Registered office of the company has been shifted from R. V. House B-37,
Veera Desai Road, Offshore Link Road, Andheri [West], Mumbai – 400053,
Maharashtra, India to the present address 501, Prime Corporate Park, Near ITC Grand Maratha,
Sahar Road, Andheri (East), Mumbai 400099, Maharashtra.
OPERATIONAL
PERFORMANCE
During the year under consideration, the Operating Income of the Company
increased from Rs. 1973.606 millions to Rs. 2698.129 millions. However, Company
incurred a loss of Rs.115.131 millions after deducting interest, depreciation
and Tax during the financial year 2010-11 as compared to Loss of Rs.25.463
millions in the financial year 2009- 10 higher by 352% p.a.. Increase in loss,
inspite of increase in operating income, is caused due to increase in operating
expenses and finance cost in higher proportion. The Operations of the Company
depend upon funding by the group companies.
Fixed Assets:
·
Computer Software
·
Leasehold Improvements
·
Computer Hardware
·
Training Equipments
·
Office Equipments
·
Furniture and Fixtures
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
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 |
No |
|
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 |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
-- |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
Yes |
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.51.04 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.