MIRA
INFORM REPORT
|
Report Date : |
24.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
MYSORE POLYMERS AND RUBBER PRODUCTS LIMITED (w.e.f.28.07.2008) |
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|
Formerly Known
As : |
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|
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Registered
Office : |
20P, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
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|
|
Date of
Incorporation : |
13.02.1981 |
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|
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|
Com. Reg. No.: |
08-004112 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs. 36.809 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25111KA1981PTC004112 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM00514D |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Rubber Tubes and Rubber Products. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 620000 |
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|
Status : |
Satisfactory |
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|
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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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
20P, |
|
Tel. No.: |
91-821-6643000 / 2582025 / 2582040/ 2581770 / 2581553 |
|
Fax No.: |
91-821-2581539 |
|
E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Chittatoor Doraiswamy Nagarajan |
|
Designation : |
Managing Director |
|
Address : |
No. 1522, Kalyani, C and D Block, |
|
Date of Birth/Age : |
05.07.1939 |
|
Date of Appointment : |
31.08.1982 |
|
DIN No.: |
00081075 |
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 |
U25111KA1981PLC004112 |
MYSORE
POLYMERS AND RUBBER PRODUCTS LIMITED |
Managing
director |
31-08-82 |
31-08-82 |
Active |
NO |
|
2 |
U25199KA2010PTC054631 |
MYPOL
POLYMERS TECHNOLOGIES PRIVATE LIMITED |
Director |
30-07-10 |
30-07-10 |
Active |
NO |
|
Name : |
Mr. Setlur Ranganna Parthasarathy |
|
Designation : |
Director |
|
Address : |
No. 42, 5th |
|
Date of Birth/Age : |
15.06.1935 |
|
Date of Appointment : |
13.02.1981 |
|
DIN No.: |
00088570 |
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 |
U25111KA1981PLC004112 |
MYSORE
POLYMERS AND RUBBER PRODUCTS LIMITED |
Director |
13-02-81 |
13-02-81 |
Active |
NO |
|
2 |
U67190KA2010PTC056169 |
MYPOL
HOLDINGS PRIVATE LIMITED |
Director |
07-12-10 |
07-12-10 |
Active |
NO |
|
Name : |
Mr. Colathur Krishnamurthi Raghunathan |
|
Designation : |
Director |
|
Address : |
51(28), |
|
Date of Birth/Age : |
01.08.1932 |
|
Date of Appointment : |
27.03.2000 |
|
DIN No.: |
00524071 |
|
|
|
|
Name : |
Mr. Gomadam Santhanam |
|
Designation : |
Director |
|
Address : |
37, Visalakshi Street, Iswarya Gardens, Katupakkam, Chennai-600056,
Tamilnadu, India |
|
Date of Birth/Age : |
01.08.1936 |
|
Date of Appointment : |
13.02.1981 |
|
DIN No.: |
01042632 |
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 |
U25111KA1981PLC004112 |
MYSORE
POLYMERS AND RUBBER PRODUCTS LIMITED |
Director |
13-02-81 |
13-02-81 |
Active |
NO |
|
2 |
U67190KA2010PTC056169 |
MYPOL
HOLDINGS PRIVATE LIMITED |
Director |
07-12-10 |
07-12-10 |
Active |
NO |
|
Name : |
Mr. Vijay Kumar Markapuram |
|
Designation : |
Additional Director |
|
Address : |
No.54, V-B Cross, Brindavan Extension, I Stage, Mysore-5700020,
Karnataka, India |
|
Date of Birth/Age : |
26.06.1969 |
|
Date of Appointment : |
13.06.2008 |
|
DIN No.: |
02077790 |
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 |
U25111KA1981PLC004112 |
MYSORE
POLYMERS AND RUBBER PRODUCTS LIMITED |
Whole-time
director |
29-09-08 |
13-06-08 |
Active |
NO |
|
2 |
U25199KA2010PTC054631 |
MYPOL
POLYMERS TECHNOLOGIES PRIVATE LIMITED |
Director |
30-07-10 |
30-07-10 |
Active |
NO |
|
Name : |
Mr. Srikantha Venkatakrishnaiah |
|
Designation : |
Whole Time Director |
|
Address : |
No.1143/56, IV Main, I Cross, Sarvajenika Hostel Road,
Viduaranyapuram, Mysore-570008, Karnataka, India |
|
Date of Birth/Age : |
13.05.1968 |
|
Date of Appointment : |
27.10.2010 |
|
DIN No.: |
03305532 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
C D Nagarjan |
325083 |
|
Hema Nagarjan |
76780 |
|
Vidya Nagarjan |
57036 |
|
Gowri Nagarjan |
6300 |
|
M Sampath Kumar |
80000 |
|
Ahana R Pinto jointly with Marguerite Pinto |
80900 |
|
Lakshmi Sampath Kumar |
233558 |
|
Vijay Kumar M |
45750 |
|
Vinod Kumar M |
50500 |
|
Marguerite P Pinto jointly with Ahama R Pinto |
70800 |
|
S R Parthasarathy |
60500 |
|
Goda Pathasarathy |
179395 |
|
Madhuri Parthasarathy |
54771 |
|
Janki G |
107100 |
|
|
40233 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
5.02 |
|
Directors or relatives of Directors |
38.79 |
|
Other top fifty shareholders |
56.22 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rubber Tubes and Rubber Products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Butyl Tubes and Curing Bags |
Nos. |
108383222 |
-- |
|
Tubes |
Nos. |
-- |
2359251 |
|
Conversion of Tubes |
Nos. |
-- |
6640289 |
|
Curing Bags |
Nos. |
-- |
83619 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Canara Bank, Mysore Main, K. R. Circle,
Mysore-570002, Karnataka, India ·
Canara Bank, No. 127, Hotel Balaji Palace Building,
Shivarampet, Mysore-570001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
B.S. Ravi Kumar and Associates Chartered Accountants |
|
Address : |
73 Madhvesha Complex, Mahadeshwara Road, Nazarbad, Mysore-570011,
Karnataka, India |
|
Pan No.: |
AADFB1008K |
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|
|
|
Subsidiaries : |
Mypol Polymers Technologies Private Limited CIN No.:- U25199KA2010PTC054631 Mypol Holdings Private Limited CIN No.:- U67190KA2010PTC056169 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3680935 |
Equity Shares |
Rs.10/- each |
Rs. 36.809
Millions |
|
|
|
|
|
Note:
[Of the above 13,52,020
Equity shares were issued as fully paid Bonus Shares by way of capitalisation
of General
Reserve]
[17,88,139 equity shares were subscribed against rights issue during the year].
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 |
36.809 |
18.928 |
18.928 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
118.989 |
91.136 |
65.916 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
155.798 |
110.064 |
84.844 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
172.192 |
115.115 |
71.915 |
|
|
2] Unsecured Loans |
10.197 |
10.247 |
10.247 |
|
|
TOTAL BORROWING |
182.389 |
125.362 |
82.162 |
|
|
DEFERRED TAX LIABILITIES |
10.158 |
6.611 |
5.236 |
|
|
|
|
|
|
|
|
TOTAL |
348.345 |
242.037 |
172.242 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
147.754 |
97.866 |
74.444 |
|
|
Capital work-in-progress |
0.000 |
1.803 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.433 |
0.707 |
0.038 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
171.826
|
154.701 |
98.265 |
|
|
Sundry Debtors |
81.923
|
59.345 |
60.941 |
|
|
Cash & Bank Balances |
18.124
|
20.415 |
19.130 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
69.359
|
28.353 |
27.970 |
|
Total
Current Assets |
341.232
|
262.814 |
206.306 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
77.572
|
68.304 |
51.960 |
|
|
Other Current Liabilities |
42.541
|
34.616 |
32.791 |
|
|
Provisions |
21.961
|
18.233 |
23.795 |
|
Total
Current Liabilities |
142.074
|
121.153 |
108.546 |
|
|
Net Current Assets |
199.158
|
141.661 |
97.760 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
348.345 |
242.037 |
172.242 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
654.420 |
585.417 |
495.176 |
|
|
|
Other Income |
7.584 |
11.500 |
9.242 |
|
|
|
TOTAL (A) |
662.004 |
596.917 |
504.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials
consumed |
261.829 |
250.812 |
|
|
|
|
Manufacturing
Expenses |
124.714 |
112.517 |
|
|
|
|
Employees
Remuneration & Benefits |
128.289 |
99.332 |
|
|
|
|
Administrative Expenses |
28.434 |
26.929 |
|
|
|
|
Selling Expenses |
43.122 |
36.579 |
|
|
|
|
Increase (Decrease) in Stocks |
(17.275) |
(9.115) |
NA |
|
|
|
TOTAL (B) |
569.113 |
517.054 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
92.891 |
79.863 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.462 |
15.176 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
67.429 |
64.687 |
49.406 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.547 |
11.194 |
7.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
53.882 |
53.493 |
42.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.832 |
18.159 |
15.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
36.050 |
35.334 |
26.523 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
58.717 |
34.708 |
18.935 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.624 |
3.600 |
3.000 |
|
|
|
Proposed Dividend |
6.769 |
6.625 |
6.625 |
|
|
|
Tax on Distributed Profits |
1.098 |
1.100 |
1.125 |
|
|
BALANCE CARRIED TO
THE B/S |
83.276 |
58.717 |
34.708 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
65.400 |
104.601 |
90.874 |
|
|
TOTAL EARNINGS |
65.400 |
104.601 |
90.874 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
40.359 |
87.852 |
63.915 |
|
|
|
Capital Goods |
6.845 |
17.927 |
14.603 |
|
|
|
Others |
0.026 |
1.434 |
0.000 |
|
|
TOTAL IMPORTS |
47.230 |
107.213 |
78.518 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.98 |
18.67 |
14.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.45
|
5.92 |
5.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.23
|
9.14 |
8.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.02
|
14.83 |
15.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.49 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.30 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.17 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
The company’s turnover
for the year is Rs 711.485 Millions as against Rs 620.953 Millions for the
previous year which represents an increase of 14% over the pervious year’s
turnover. This growth is attributed to increased sales in the domestic market.
The profit before tax for the year is Rs 53.882 Millions as against Rs 53.494
Millions for the previous year. Inspite of increase in the sales revenue the
profit before tax showed only a marginal increase which is due to a steep
increase in cost of operation and cost of borrowing. Although market partially
accepted the increased cost by accepting the price revision, the benefit of the
plant's capacity expansion is yet to reap the fruits.
DOMESTIC AND EXPORT MARKET
The domestic
turnover during the year was Rs 468.531 Millions as against Rs 381.744
Millions, registering a growth of 22%. This growth was on account of
replacement market as well as rubber products. The Export market showed no
signs of accepting the revision in price on account of volatility of raw
materials and cost of operations, which resulted in reduction in Export orders.
EXPANSION
The Company’s
outlay on capital expenditure on capacity expansion during the year was Rs.
63.764 Millions which was funded by Karnataka State Financial Corporation and
Internal accruals. The plant capacity expansion is almost complete. With this
expansion the company is now self sufficient with respect to compound mixing.
The Company has fully utilised the existing vacant land in the premises and
therefore is in the process of locating the land for its further expansion and
diversification of business.
SUBSIDIARIES
During the year
funds mobilised through right shares was utilised to invest in subsidiaries.
The investments will benefit the Company by combining the synergies. Accordingly
during the year a 100% subsidiary MYPOL HOLDINGS PRIVATE LIMITED was
incorporated with the sole objective of investing in joint ventures. During the
year MYPOL HOLDINGS PRIVATE LIMITED invested in land measuring 11300 sq. mtrs.
on lease cum sale basis from KIADB and Building measuring 1870 sq. mtrs.
During the Year
MYPOL HOLDING PRIVATE LIMITED has signed a Memorandum of Understanding with
M/s. Polymer Processors Inc., Canada for establishing a joint venture company.
Accordingly MYPOL POLYMERS TECHNOLOGIES PRIVATE LIMITED was incorporated with
the objective of manufacturing technologically advanced compounds and rubber
products for niche market. The term loan for the project is sanctioned by
Karanataka State Financial Corporation for which the Company has given a
guarantee.
Further, the
company is also exploring the possibility of aquiring interest in other
overseas companies and setting up joint ventures in India.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Foreign Letter
of Credit |
4.200 |
29.008 |
|
Bills Discounted
with Bankers |
-- |
3.751 |
|
Foreign Bills
Discounted with Bankers |
3.872 |
8.999 |
|
Bills financed
by Factors |
18.031 |
12.525 |
|
Guarantees issued
by banks which have been counter guaranteed by the Company |
2.198 |
2.709 |
|
Uncalled Capital
commitment towards Reliance Private Equity Scheme |
1.250 |
1.875 |
|
Disputed Statutory
Liabilities (Includes an amount of Rs. 4.136 Millions towards Excise Duty on
Tubes converted, which if confirmed as a liability is contractually
recoverable from our customers.) |
5.331 |
5.158 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installations
·
Moulds
·
Computer and Accessories
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
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PROFILE
In the year 1981 a group specialized in
rubber and polymer technology, engineering, marketing, finance and management
joined together and identified Automotive Butyl Inner Tubes as the next wave in
the Indian tire and tube industry. This was the beginning of Subject.
Production started within a year in 1982.
The company's focus on the two
wheeler market paid off. Soon Subject gained a formidable reputation within the
industry as a reliable supplier and partner.
Presently Subject manufactures Butyl
and Chlorobutyl inner tubes for almost every type of vehicle from 2 wheelers to
large trucks and farm equipment, along with a range of specialized technical
rubber products for the overseas market. Today Subject is perhaps largest
manufacturer of high quality Butyl automotive inner tubes in India. The company
is focused on customer success through its ceaseless attention to quality,
innovation and lower cost as well as operating with high standards of
integrity.
Along the way Subject was awarded the
'Presidential Award for Entrepreneur Excellence' in 1986 and the certificate of
merit from CAPEXIL repeatedly for exports.
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. 50.24 |
|
|
1 |
Rs. 78.12 |
|
Euro |
1 |
Rs. 64.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.