MIRA
INFORM REPORT
|
Report Date : |
13.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHALAXMI RUBTECH LIMITED |
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Registered
Office : |
47, New Cloth Market O/Sraipura gate, Ahmedabad– 380002, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.09.1991 |
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Com. Reg. No.: |
04-016327 |
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Capital
Investment / Paid-up Capital : |
Rs.88.203 Millions |
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CIN No.: [Company Identification
No.] |
L25190GJ1991PLC016327 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM02375C |
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PAN No.: |
AABCM7864L |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Textiles, Dyes,
Pigments, Auxiliaries and Synthetic Rubber / PU-Coated Fabrics. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 15500000 |
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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. The company 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
|
Registered Office : |
47, New Cloth Market O/Sraipura gate, Ahmedabad– 380002, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
507, Chanakya, Near Dinesh Hall, Ashram Road, Ahmedabad– 380009,
Gujarat, India |
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Tel. No.: |
91-79-26582552 / 26585864 |
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Fax No.: |
91-79-26583552 / 22112725 |
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Factory 1 : |
UMA Industrial Estate, Phase III, Vasna (IYAVA) Sanand, Ahmedabad, |
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E-Mail : |
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Factory 2 : |
Mahalaxmi Fabric Mills |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Jeetmal B. Parekh |
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Designation : |
Director |
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Name : |
Mr. Rahul. J. Parekh |
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Designation : |
Director |
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Name : |
Mr. Anand J. Parekh |
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Designation : |
Director |
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Name : |
Mr. Nikhil K. Parikh |
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Designation : |
Director |
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Name : |
Mr. Malav J. Ajmera |
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Designation : |
Director |
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Name : |
Mr. Nehal M. Shah |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahender R. Mehta |
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Designation : |
Group President and CFO |
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Name : |
Mr. |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Individuals / Hindu Undivided Family |
40,986,440 |
46.47 |
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Bodies Corporate |
7,528,250 |
8.54 |
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Sub Total (A)
(1) |
48,514,690 |
55.00 |
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(B) Public
Shareholding |
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1. Institutions |
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Mutual Funds / UTI |
87,750 |
0.10 |
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Any Other
(Specify) |
34,000 |
0.04 |
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Trusts |
34,000 |
0.04 |
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Sub Total (B)
(1) |
121,750 |
0.14 |
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2. Non
Institutions |
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Bodies Corporate |
14,149,462 |
14,108,462 |
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Individuals |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
18,1876,472 |
21.40 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
6,240,611 |
7.08 |
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Any Other
(Specify) |
299,765 |
0.34 |
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Non Resident Indians |
264,066 |
0.30 |
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Clearing Members |
35,699 |
0.04 |
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Sub Total (B)
(2) |
39,566,310 |
44.86 |
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Total Public
shareholding (B) |
39,688,060 |
45.00 |
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Total (A) +(B) |
88,202,750 |
100.00 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
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(1) Promoter and Promoter Group |
-- |
-- |
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(2) Publuc |
-- |
-- |
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Sub
Total (C) |
-- |
-- |
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Total (A) + (B) +(C) |
88,202,750 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Textiles, Dyes,
Pigments, Auxiliaries and Synthetic Rubber / PU-Coated Fabrics. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
31.03.2011 |
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(a)
Licensed
Capacity : No license is required |
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(b) Installed Capacity : |
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(i) Rubberized Products Division: Since the company manufactures different products with different
specifications and sizes and the products are interchangeable, it is not possible
to quantify the same |
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(ii) Textile Division |
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Grey Fabric Installed capacity may differ due to difference in pick, reed and
quality of cloth, however same has been calculated on the basis of average
picks and reeds. |
Mtrs in lacs |
36.40 |
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Processed Fabric Different processes have different installed capacities, however the installed capacity is based on stenter machine Installed
Capacities certified by Management and not verified by auditors being
technical matter) |
Mtrs in lacs |
550.00 |
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(c) Actual
Production : |
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Rubberized Products Division: Rubber Printing Blankets |
Rft |
3479 |
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Textile Division |
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Weaving -Grey & Finished Fabric |
Mtrs |
2262142 |
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Processing- Processed Fabric (including on job work basis) |
Mtrs |
40361723 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Statutory Auditors: |
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Name : |
Bhanwar Jain and Company Chartered Accountants |
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Address : |
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Internal Auditors: |
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Name : |
D. Trivedi and Associates Chartered Accountants |
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Address : |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
250000000 |
Equity Shares |
Rs.1/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
88202750 |
Equity Shares |
Rs.1/- each |
Rs.88.203
Millions |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
88.203 |
88.203 |
88.203 |
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2] Share Application Money |
0.000 |
0.000 |
9.480 |
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3] Reserves & Surplus |
300.636 |
246.108 |
205.585 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
388.839 |
334.311 |
303.268 |
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LOAN FUNDS |
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1] Secured Loans |
157.744 |
186.927 |
147.436 |
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2] Unsecured Loans |
115.804 |
52.063 |
46.780 |
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TOTAL BORROWING |
273.548 |
238.990 |
194.216 |
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DEFERRED TAX LIABILITIES |
33.075 |
31.730 |
23.422 |
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TOTAL |
695.462 |
615.031 |
520.906 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
439.955 |
425.768 |
425.104 |
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Capital work-in-progress |
34.710 |
48.801 |
11.440 |
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INVESTMENT |
13.319 |
0.453 |
0.647 |
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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 |
248.523
|
101.235 |
100.022 |
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Sundry Debtors |
124.708
|
249.699 |
112.680 |
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Cash & Bank Balances |
2.822
|
6.328 |
4.660 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
70.762
|
25.486 |
33.130 |
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Total
Current Assets |
446.815
|
382.748 |
250.492 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
198.571
|
237.006 |
144.367 |
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Other Current Liabilities |
10.345
|
9.848 |
13.670 |
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Provisions |
34.714
|
21.435 |
13.547 |
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Total
Current Liabilities |
243.630
|
268.289 |
171.584 |
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Net Current Assets |
203.185
|
124.460 |
78.908 |
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MISCELLANEOUS EXPENSES |
4.293 |
5.549 |
4.807 |
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TOTAL |
695.462 |
605.031 |
520.906 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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Income |
1285.352 |
883.413 |
815.054 |
|
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Other Income |
6.749 |
18.884 |
13.397 |
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TOTAL (A) |
1292.101 |
902.297 |
828.451 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease) in Stocks |
(74.332) |
(0.182) |
(32.117) |
|
|
|
Materials Cost |
838.943 |
451.429 |
443.132 |
|
|
|
Employees' Emoluments |
33.021 |
30.613 |
28.065 |
|
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|
Manufacturing Expenses |
319.726 |
270.829 |
268.552 |
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|
Administrative & Selling Expenses |
34.473 |
33.719 |
49.834 |
|
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TOTAL (B) |
1151.831 |
786.408 |
757.466 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
140.270 |
115.889 |
70.985 |
|
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|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
15.649 |
17.150 |
12.628 |
|
|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
124.621 |
98.739 |
58.357 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.338 |
34.415 |
27.668 |
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PROFIT BEFORE
TAX (E-F) (G) |
86.283 |
64.324 |
30.689 |
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Less |
TAX (I) |
25.744 |
19.209 |
9.211 |
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PROFIT AFTER TAX
(G-I) (J) |
60.539 |
45.115 |
21.478 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
93.046 |
52.523 |
17.662 |
|
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|
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|
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Add: |
Income Tax of Earlier Year |
(1.114) |
0.551 |
(1.860) |
|
|
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|
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|
|
|
|
Add: |
Income Tax of Earlier Year |
0.228 |
0.000 |
20.403 |
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Less |
APPROPRIATIONS |
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|
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|
Proposed Dividend on Equity Shares |
4.410 |
4.410 |
4.410 |
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|
Corporate Dividend Tax on Dividend |
0.715 |
0.732 |
0.750 |
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|
BALANCE CARRIED
TO THE B/S |
147.574 |
93.047 |
52.523 |
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TOTAL EARNINGS |
53.664 |
77.254 |
40.073 |
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IMPORTS |
|
|
|
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|
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|
Raw Materials |
0.000 |
0.811 |
0.000 |
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|
Stores & Spares |
0.508 |
0.000 |
1.349 |
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Capital Goods |
10.514 |
1.708 |
3.713 |
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TOTAL IMPORTS |
11.022 |
2.519 |
5.062 |
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Earnings Per
Share (Rs.) |
0.69 |
0.51 |
0.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
285.780 |
240.810 |
|
Total Expenditure |
|
255.670 |
213.610 |
|
PBIDT (Excl OI) |
|
30.110 |
27.200 |
|
Other Income |
|
1.400 |
0.130 |
|
Operating Profit |
|
31.510 |
27.330 |
|
Interest |
|
4.420 |
4.990 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
27.090 |
22.340 |
|
Depreciation |
|
10.280 |
10.480 |
|
Profit Before Tax |
|
16.800 |
11.860 |
|
Tax |
|
4.990 |
3.440 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
11.810 |
8.420 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
11.810 |
8.420 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.69
|
5.00 |
2.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.71
|
7.28 |
3.77 |
|
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.73`
|
7.96 |
4.54 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.19 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
1.52 |
1.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.42 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION AND REVIEW:
The Company continued to see strong and profitable growth in the financial year 2010-11 driven by good performance in existing and new business.
The total income increased to Rs.1292.102 Millions from Rs.902.298 Millions in the previous year, at a growth rate of 43.20%. Textile business aggregated Rs.1218.019 Millions up by 48.13% from Rs.822.288 Millions in the previous year. The Profit before Tax amounted to Rs.86.284 Millions as against Rs.64.323 Millions in the previous year. The net profit after tax was Rs.60.539 Millions as against Rs.45.115 Millions in the previous year.
Listing:
The securities of the
company are listed with the
MANAGEMENT DISCUSSION
AND ANALYSIS
A. Business Overview
The Company's turnover at Rs.1285.353 Millions has recorded an increase of about 45.50% compared to the previous year. Meanwhile the Net Profit for the year (before depreciation and tax) recorded increase of about 26.22% compared to the previous year. The profit before tax, after absorbing depreciation, for the year stands at Rs.86.284 Millions. The company has continued to put in all possible efforts to boost exports, during the year achieved Export sales to the tune of Rs.56.100 Millions.
B. Industry Structure and Development:
The Company operates mainly in two broad areas: Polymer Based Technical Textile Division and Traditional Textiles Division, whereas Textile Division is having two separate units for Weaving and Processing.
Polymer Based Technical Textile Division at MRT manufactures
world class Textile Printing Blankets and range of other niche rubber products
having a dedicated R & D wing for technical textiles. Being widely used on
all types of textile screen printing machines, we are today one of the largest
Textile Printing Blanket manufacturer in the country with a long track-record
and excellence in quality in this industry. Since long time MRT has been
exporting its products to more than 25 countries, with major countries of export
being
In Rubber division The Company operates across multiple products and business in diverse markets and environment. These includes manufacturing of Polymer Coated Engineered Fabrics, which has diverse end-uses in products like defense equipment, safety & protective clothing, gaskets, diaphragms, bellows, expansion joints and many more and manufacturing of Air Cell, Hydraulic seals and spares which are supplied to transformer manufacturers and users of hydraulic equipments. The company confirms to ASTM standards, Bureau of Indians
Standards, DIN standards, Federal Standards etc. and is an ISO 9001:2008 Company.
The Company has plans to expand its ambit and scope of activities in the technical textile space. The diversification and expansion is planned with a special focus on manufacturing of Offset Printing Blankets (used in Sheet Fed and Web Fed offset printing machines), Coated and Laminated Textiles, and Polymer Coated Engineered Composites. Some of the emerging areas of technical textiles which the company plans to explore are in the field of Geotextiles, Healthcare, Safety & Protective Clothing, Industrial, Aerospace, Marine and Military sector.
In textile division The Company operates in two separate units i.e. “Maheeka Textech” a weaving unit and Subject a Processing unit. Maheeka Textech is a high-tech weaving unit which includes warping, sizing and world-class automatic rapier looms for weaving of various types of fabrics. Maheeka Textech also has facility of manufacturing specialty fabrics used for the technical textiles. The Company has completed amalgamation of Mahalaxmi Fabric Mills Private Limited. in the year 2008-09 and the same has been absorbed as a separate unit in textile division. As a result of amalgamation, The Company has complete facility from warping, sizing, weaving, dyeing, bleaching, printing, processing and finishing of various types of fabrics such as cotton, polyester, Bottom-weight etc. Mahalaxmi Fabric Mills a processing unit is engaged in dyeing, bleaching, printing and processing of various types of fabrics and at the end of the chain its fabric range goes in to high quality Apparel and Home textiles catering to Domestic as well as Global Market.
Contingent liabilities
(Rs. In Millions)
|
Particulars |
2010-11 |
2009-10 |
|
a). Bank Guarantee |
0.838 |
0.838 |
|
b). Textile Cess |
1.12 |
1.12 |
|
c). Textile Cess |
0.989 |
2.060 |
|
d). Disputed Income Tax Liability |
1.488 |
1.289 |
|
e).Claims against suits filed in labour courts not acknowledged by the Company |
0.060 |
0.067 |
|
f), Claims against suits by others not acknowledged by the Company |
1.009 |
1.009 |
|
g).Estimated amount of Capital remaining to be executed on capital account and not provided for (Net of Advances) |
57.088 |
-- |
Fixed Assets:
- Buildings
- Plant & Machinery
- Electric Installation
- Furniture, Fixtures and Office Equipments
- Vehicles
Website Details
Business Description
Subject is an India-based company. The Company operates in two business segments: Rubber and Textiles. It operates in two areas: Polymer Based Technical Textile Division and Traditional Textiles Division, whereas Textile Division is having two separate units for weaving and processing. Polymer Based Technical Textile Division at MRT manufactures textile printing blankets and range of other rubber products. In rubber division products and business includes manufacturing of polymer coated engineered fabrics, which has diverse end-uses in products, such as defense equipment, safety and protective clothing, gaskets, diaphragms and bellows. In textile division MRT operates in two separate units: Maheeka Textech is a weaving unit, which includes warping, sizing, and automatic rapier looms for weaving of various types of fabrics, and Mahalaxmi Fabric Mills a processing unit is engaged in dyeing, bleaching, printing and processing of various types of fabrics. For the nine months ended 31 December 2010, Mahalaxmi Rubtech limited revenues increased 71% to RS981.1M. Net income totaled Rs.56.3M, up from Rs.17.8M. Revenues reflect an increase in income from Textile division and from Rubber division and rise in income from other income. Net income also reflects the presence of gain on sale of stock. The company is mainly engaged in textile and rubber business segments.
Board of Directors:
Jeetmal B. Parekh
Non-Executive
Chairman of the Board
Mr. Jeetmal B. Parekh is the Non-Executive Chairman of the Board of Mahalaxmi Rubtech Ltd. He is having experience as a Director in Management of Companies.
Malav J. Ajmera
Non-Executive
Independent Director
Mr. Malav J. Ajmera is Non-Executive Independent Director of Mahalaxmi Rubtech Ltd. He is a Chartered Accountant having experience in the field of Finance, Corporation Reconstruction, Taxation, Accounts.
Anand J. Parekh
Joint Managing
Director, Executive Director
Mr. Anand J. Parekh is Joint Managing Director, Executive Director of Mahalaxmi Rubtech Ltd. He is a Chartered Accountant looking after exports, supported by experienced professional technocrats in respective fields.
Nikhil K. Parikh
Non-Executive
Independent Director
Mr. Nikhil K. Parikh is Non-Executive Independent Director of Mahalaxmi Rubtech Ltd. He is a Master of Business Administration in Finance. He has experience h the field of Finance, Accounting and Budgeting.
Nehal Mayur Shah
Non-Executive
Independent Director
Mr. Nehal Mayur Shah is Non-Executive Independent Director of Mahalaxmi Rubtech Ltd. He is a Master of Business Administration in International Finance. He has experience in dealings of FMCG Products at International level. He also posses excellent in the Finance field and also in the field of Accounting.
Press Release
ICRA Suspends rating
assigned to Mahalaxmi Rubtech’s Cash Credit facilities
Accord Fintech (
09 December 2011
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.49.64 |
|
|
1 |
Rs.78.35 |
|
Euro |
1 |
Rs.65.80 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.