MIRA
INFORM REPORT
|
Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
BERNHARD SCHULTE SHIPMANAGEMENT (INDIA) PRIVATE LIMITED (w.e.f.
03.12.2007) |
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Formerly Known
As : |
EURASIA MARITIME MANAGEMENT ( |
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Registered
Office : |
401, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.02.2000 |
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Com. Reg. No.: |
11 – 124110 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Millions |
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CIN No.: [Company Identification
No.] |
U61100MH2000PTC124110 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUME03548G |
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PAN No.: [Permanent Account No.] |
AAACE7346Q |
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Legal Form : |
Private limited Liability Company |
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Line of Business
: |
Engaged in the business of rendering ship management support services and
recruitment activities of manpower for shipping companies. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 95000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Bernhard Schulte Shipping ( The company can be considered good for normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ramya Sriram |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40017300 |
|
Date : |
18.04.2012 |
LOCATIONS
|
Registered Office : |
401, |
|
Tel. No.: |
91-22-5697 1588, 25704224, 25797523 / 40017300 |
|
Fax No.: |
91-22-5697 1558, 25704390 / 40017333 |
|
E-Mail : |
eurasiamumbai@eurasiagroup.com
in-sdcl-man@bs-shipmanagement.com |
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Atul Sudhakar Gupte |
|
Designation : |
Director |
|
Address : |
House C-6, 380 Hiram’s Highway, Marina Cove, Hebe Haven Sai Kunj, New Territories, Hong Kong, KCLSKG09 |
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Date of Birth/Age : |
31.01.1967 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
00122400 |
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|
|
Name : |
Mr. Rajaish Bajpaee |
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Designation : |
Director |
|
Address : |
Flat A, 3/F, Tower 5, The |
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Date of Birth/Age : |
04.09.1951 |
|
Date of Appointment : |
12.06.2000 |
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DIN No.: |
01064549 |
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|
|
|
Name : |
Mr. Deepak K Degadwala |
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Designation : |
Director |
|
Address : |
72 Juhu Shangrila CHS Limited, |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
01.10.2007 |
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DIN No.: |
01811195 |
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Name : |
Mr. Bodh Nath Prasad |
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Designation : |
Director |
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Address : |
703, |
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Date of Birth/Age : |
15.07.1953 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
01812987 |
KEY EXECUTIVES
|
Name : |
Mr. Ramya Sriram |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bernhard Schulte Shipping ( |
|
999 |
|
Bernhard Schulte Ship management (Hong Kong) Limited as Nominee of
Bernhard Schulte Shipping ( |
|
1 |
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Total |
|
1000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Engaged in the business of rendering ship management support services
and recruitment activities of manpower for shipping companies. |
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Products/ Service : |
Ship Management Services |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
OEM’s and End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
ICICI Bank, Powai Branch, Mumbai, |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
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Address : |
6, Karim Chambers, 40, Ambalal Doshi Marg ( |
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Tel. No.: |
91-22-40021140/22651190/22691414/22691515 |
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E-Mail : |
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PAN.: |
AABFL1894Q |
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Fellow Subsidiary/ Associates: |
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Holding Company: |
Bernhard Schulte Shipping ( |
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Associates/Subsidiaries : |
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Fellow Associates : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100
Million |
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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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.623 |
32.109 |
31.437 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.723 |
32.209 |
31.537 |
|
|
LOAN FUNDS |
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|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
23.723 |
32.209 |
31.537 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.561 |
30.598 |
34.388 |
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Capital work-in-progress |
0.876 |
1.151 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
3.475 |
1.611 |
1.995 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
0.000
|
0.000
|
0.000 |
|
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Sundry Debtors |
3.573
|
3.453
|
42.119 |
|
|
Cash & Bank Balances |
52.760
|
61.575
|
18.727 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
21.747
|
17.406
|
14.736 |
|
Total
Current Assets |
78.080
|
82.434 |
75.582 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.557
|
6.380 |
35.671 |
|
|
Other Current Liabilities |
34.058
|
47.852 |
11.527 |
|
|
Provisions |
43.654
|
29.353
|
33.230 |
|
Total
Current Liabilities |
84.269
|
83.585
|
80.428 |
|
|
Net Current Assets |
(6.189)
|
(1.151)
|
(4.846) |
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.723 |
32.209 |
31.537 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
|
|
|
|
Income |
366.209 |
333.913 |
328.260 |
|
|
|
Other Income |
5.429 |
0.635 |
|
|
|
|
TOTAL |
371.638 |
334.548 |
328.260 |
|
|
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|
|
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
319.568 |
289.557 |
264.381 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
52.070 |
44.991 |
63.879 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.848 |
9.048 |
9.516 |
|
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PROFIT BEFORE
TAX |
44.221 |
35.943 |
54.363 |
|
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Less |
TAX |
15.935 |
12.084 |
22.930 |
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PROFIT AFTER TAX
|
29.286 |
23.859 |
31.433 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Ship Management Support Services |
366.209 |
328.630 |
305.762 |
|
|
|
Recruitment Agency Fees |
0.000 |
0.000 |
6.195 |
|
|
|
Training Income |
1.504 |
3.835 |
5.957 |
|
|
|
Other Income |
0.000 |
0.000 |
0.081 |
|
|
TOTAL EARNINGS |
367.713 |
332.465 |
317.995 |
|
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|
|
|
|
|
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Earnings Per
Share (Rs.) |
29286.59 |
23859.34 |
31433.44 |
|
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%20PRIVATE%20LIMITED%20-%20177317%2019-Apr-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.88
|
7.13
|
9.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.07
|
10.76
|
NA |
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.67
|
31.39
|
49.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.80
|
1.12
|
1.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.55
|
2.60
|
2.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
0.99
|
0.94 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
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 |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY CREDITORS
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
|
|
|
|
|
Sundry Creditors
(due to micro, small and medium enterprise) |
6.557 |
6.380
|
35.671 |
|
|
|
|
|
COMPANY BACKGROUND
Bernhard Schulte Shipmanagement (
(a) Ship management support services in the areas of crew and technical
management and maritime catering including activities such as accounting, human
resources and purchases. The company charges cost plus mark up for the said
support services.
(b) Recruitment activities of manpower (crew) for shipping companies. It
receives recruitment agency fees for its services.
The company is a subsidiary of Bernhard Schulte Shipping (
OPERATION
The company has been successfully rendering Ship management support
services in the area of crew and Technical Management and Marine Catering
Services on cost plus mark up basis
FUTURE PROSPECTS AND PLANS
The company’s performance in Ship Management
support services has been consistent and the company is expecting to have the
services for more vessels in the forthcoming months.
FIXED ASSETS
v Office Equipments
v Computer Equipments
v Furniture and Fixtures
v Vehicles
v Simulators
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.51.50 |
|
|
1 |
Rs.81.99 |
|
Euro |
1 |
Rs.67.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.